Xi weighs in on curtailing housing market bubble
The most important and market-moving stories from the Chinese-language media
Regulating the residential rental market and restraining the housing bubble are major initiatives to protect and improve people’s livelihoods, President Xi Jinping said in a report by Xinhua news agency on Wednesday night. Local governments should ensure taxation and land policies meet the needs of citizens, he said at the 14th meeting of the Central Leading Group for Financial and Economic Affairs.
Chinese companies plan plants in the US
More Chinese companies plan to set up factories in the United States, reported Securities Daily on Thursday, pointing to the start of a possible new trend as operating costs will fall in the country as the US enacts policies to attract more manufacturing jobs.
Tax to protect environment expected this week
A new tax to protect the environment will be voted on by the standing committee of the National People’s Congress, which means the law could be passed this week, reported Beijing Business Today. The law will give local governments the authority to impose taxes on environmental contaminants, though it fails to include automobile emissions.
Beijing, Shanghai tighten ride-hailing rules
New ride-hailing guidelines released by Beijing and Shanghai on Wednesday afternoon require car drivers to be local residents and vehicles to have the city’s licence plates, said Caixin on Wednesday evening. Beijing will also impose restrictions on engine capacity and wheelbase sizes, the report said. Didi Chuxing, the major ride-hailing platform in China, welcomed the guidelines, the report said.
Cosun bond default leaves investors in lurch
Cosun Group’s 312 million yuan (US$43.16 million) bond default has left investors in the lurch about getting some of their money back, reported Caixin on Wednesday evening. Zhejiang Property Insurance, which insured the bonds, claims documents submitted by holders for payment are incomplete, but Guangdong Equity Exchange, the issuer, and Zhaocaibao, the platform where the bonds were sold, say all documents were provided — leaving investors caught in the middle.