Restrictions eased on foreign access
The Asia Times editorial picks of important economics, policy and market-moving stories from Chinese-language media
China will relax restrictions on foreign access of new energy vehicles, international maritime transport and 12 other key areas, the Securities Daily reported, citing information released in a State Council policy briefing. The next step will be relaxing foreign capital restrictions on banking, securities and insurance, the report added.
Li Keqiang touts manufacturing upgrades
China will implement a new innovation-driven development strategy and promote the upgrade of its manufacturing industry, Yicai reported, citing Li Keqiang, Premier of the State Council, in an industry meeting. The strategy includes eliminating backward production capacity, developing high-end producer services and accelerating the training of various professional and technical personnel.
Stock exchanges must be strong regulators: Liu Shiyu
Stock exchanges should act not simply as trading platforms, but also as market organizers, operators and self-regulators, the Securities Daily reported, quoting China Securities Regulatory Commission Chairman Liu Shiyu. China’s capital market, especially equity financing, has made great progress, but the entire financing system still “has great room for improvement,” he said.
Beijing to build ‘green’ car-sharing network
Beijing launched its first car-sharing demonstration zone on Sunday in Shijingshan District, with 200 vehicles to share. The number will increase to 600 by the end of this year, the Paper reported. In the next three years, Shijingshan District will gradually build a car-sharing operating network surrounding the idea of environmental protection and energy conservation, the report added.
Haidilao at centre of kitchen sanitation scandal
Popular hotpot chain Haidilao will have its outlets in Beijing inspected by the city’s food safety authorities after an undercover media sting revealed rats infesting a kitchen and a dishwasher caked with oily food residue, Caixin reported. The city will also begin a two-week long citywide restaurant check on hygiene and sanitation, targeting both the chain’s outlets and food suppliers, it said.
Macao suspends package tours till August 30
The China National Tourism Administration has suspended package tours to Macao until August 30 following extensive damage to the region from typhoon Hato, Caixin reported. The 13th typhoon this year, Hato killed nine people and injured 153 in Macao as the city issued its first signal 10 typhoon warning since returning to China in 1999. Four out of 64 major hotels in Macao were still without water or electricity as of Saturday afternoon.
US$4.5 billion AI hub sets off in SE China
E-commerce giant JD.com has struck a deal with China’s southeast Dongguan government to build an artificial intelligence (AI) hub in Fenggang county over the coming four to six years, Sina Finance reported. JD.com would invest 30 billion yuan (US$4.51 billion) to boost e-commerce business, AI manufacturing, cloud computing and big data. The 540,000-square-meter hub is expected to see an annual output value of 40-billion-yuan, contributing an estimated 3-billion-yuan in tax yearly.
Hainan sees first crude oil imports from the US
South China’s Hainan port has imported 24,830 thousand tons of crude oil from America, Sina Finance reported. It was the first shipment to Hainan after the US ended a 40-year ban on exporting crude oil to China at the end of 2015. The deal enriched varieties of crude oil imports to Hainan, which normally relies on Africa, the Middle East and Russia.
Private equity amounts to US$1.5 trillion
At least 20,110 private equity agencies have registered with the Asset Management Association of China, managing 58,734 PE funds worth approximately 9.95 trillion yuan, the Economic Information Daily reported. The number of registered venture investment funds totalled 3,299, with a value of 462.7 billion yuan, a 53.9% and 26.8% increase compared to the end of 2016.