Xi touts combat readiness in PLA training
The Asia Times editorial picks of important economics, policy and market-moving stories from Chinese-language media
President Xi Jinping said on Tuesday that the People’s Liberation Army (PLA) will focus on real combat capability and promote civil-military integration, the Shanghai Securities News reported. Xi, who is also chairman of the Central Military Commission, delivered the keynote speech in celebration of the 90th anniversary of the PLA in Beijing. Military business is projected to see a major boost in the latter half of this year, the report added.
BRICS meeting kicks off in Shanghai
Trade ministers from BRICS countries were to discuss trade facilitation, economic and technological cooperation, capacity building and the multilateral trade system at their seventh annual meeting in Shanghai, Sina Finance reported. Zhong Shan, chairman of the two-day meeting, said that Brazil, Russia, India, China and South Africa should support the multilateral trade system to safeguard emerging markets and the mutual benefits of developing countries.
Court orders further asset freeze for Jia Yueting
A Beijing court has approved the China Construction Bank’s application to freeze 250 million yuan (US$37.2 million) in assets of former LeEco chairman Jia Yueting, Caixin reported. In early July a Shanghai court also approved China Merchants Bank’s application to freeze 1.237 billion yuan (US$182 million) in assets belonging to Jia, Jia’s wife and three LeEco affiliates.
Tencent’s market value hits all-time high
Tencent shares broke yet another historical record on Tuesday, hitting the three trillion Hong Kong dollars threshold, Caixin reported. The tech giant’s shares already increased by 11.6% in July, and have broke historical records nine straight times, the report added.
Cities cite plans to boost rental housing
Guangzhou, Foshan, Wuhan and several other pilot cities will introduce plans to increase their housing rental market supply, Yicai reported. Plans included speeding up the construction of rental housing, protecting both leasing and renting parities, and creating a system that guarantees the same rights when renting and purchasing a property, it added.
Taiyuan city to cut all coal use by October
Taiyuan, the largest city in Shanxi province, has announced it will replace all use of coal with clean energy by October this year, the Paper reported. The rapid upgrade will also remove coal usage in agricultural production and commercial activities, the report added.
Sichuan issues US$4.47 billion in local bonds
Approved by the Ministry of Finance, Sichuan Province issued local government bonds on the Shenzhen Stock Exchange on Tuesday, totaling 30 billion yuan (US$4.47 billion), Sina Finance reported. Twelve securities firms, including CITIC Securities and Bank of China International Securities, are underwriters for the pilot project. Individuals can also buy local government bonds, a move which aims to decrease financing costs and improve liquidity.
China’s ‘Silicon Valley’ hits 9% GDP growth
Chengdu Hi-tech Industrial Development Zone, hailed as the “Silicon Valley” of western China, saw a gross domestic production of 70.11 billion yuan in the first half of 2017, a 9% year on year increase, Yicai reported. The three pillar industries — economic, electronic information and bio-pharmaceutical — are driving growth in the pilot zone.
Tourism trade surplus projected to increase
Inbound tourists made 69.5 million trips, while 62 million overseas trips were recorded by Chinese tourists in the first half of 2017, Xinhua Finance reported, citing data from the China National Tourism Administration (CNTA). Insiders said that the tourism trade surplus is expected to increase as China’s inbound tourism market has been climbing following the global financial crisis, while outbound tourism has slowed after rapid expansion.