Premier Li Keqiang announces reforms to spur business competition
Premier Li Keqiang announced measures on Wednesday to simplify business operations and generate more competition, Shanghai Securities News reported Wednesday night. The reforms allow companies from different parts of China to enter local markets and remove subsidies in certain industries. Approval permits were removed in 53 sectors, including cotton processing and private school advertising.
China bike-share startup raises $215 million in new funding round
The bike-share company Mobike raised US$215 million on Wednesday in a series D funding round with Tencent Holdings and Warburg Pincus LLC, Caixin reported Wednesday evening. Mobike, which is now valued at more than US$1 billion, operates in nine cities in China, moved into Singapore in December and may have plans to expand into North America and Europe.
Survey shows 7.8% of households at highest risk of mortgage default
A total of 7.8% households in China with mortgage loans fall into the category of highest risk of default, with a decrease in income the biggest factor, The Paper reported Wednesday, citing a China Household Finance Survey. China’s home mortgages stood at 16.8 trillion yuan (US$2.53 trillion) as of June last year, up almost 2.5 fold from 6.8 trillion yuan in June 2011, the report shows.
Fidelity subsidiary wins first approval to invest in China for domestic clients
Fidelity International’s Shanghai subsidiary has become the first non-Chinese asset manager to win approval from the Asset Management Association of China to invest in local stock markets for domestic clients, Caixin reported on Wednesday evening. Fidelity is one of 10 foreign private fund managers in China under a so-called Qualified Domestic Limited Partnership, but until now all were restricted to investing overseas with funds raised in the country.
China pushes agricultural reforms, new technology
The Ministry of Agriculture will run nationwide events to promote land reclamation, use of new farming technology and other reforms from this month, reported Shanghai Securities Journal on Wednesday.
China Railway braces for ownership reform in 2017
China Railway Corporation will undergo mixed-ownership reform in 2017, introducing private capital to the state-owned industry, Shanghai Securities News reported on Wednesday, citing people close to the National Development and Reform Commission. Pilot schemes will target railway design, provincial branch routes and specific railway projects but not trunk routes.
Jingdong Finance to handle mobile-phone transactions for Unionpay
Jingdong Finance will handle collection of payments by mobile phone for interbank network and credit-card provider Unionpay, Caixin reported Wednesday citing an agreement between the two companies. Jingdong Finance — a subsidiary of JD.com, one of China’s e-commerce giants — is in further talks with Unionpay to collaborate in other types of financing, big data management and risk control.