China Digest

Economics and policy from China’s newspapers

Tuesday January 10, 2017

China encourages more overseas mergers and acquisitions

The Ministry of Finance is encouraging firms to acquire high-quality brands, core technologies and marketing channels through overseas takeovers, The Paper reported, citing the 13th Five-Year Plan on foreign trade issued on Monday.

Yuan exchange rate stable versus basket of currencies, PBOC says

The yuan exchange rate is stable when compared to a basket of currencies, the People’s Bank of China said in a commentary published on its website on Monday, Caixin reported on the same day. The yuan rate against the basket hit 94.83 on December 30, 2016, a gain of 0.16% from November, the report said.

Supreme Court issues legal guidelines for pilot free trade zones

The Supreme People’s Court released legal directives for seven pilot free trade zones to combat smuggling, illegal fund-raising, evading foreign exchange controls, money laundering and infringement of intellectual property rights, CCTV reported Monday evening. The zones are in Liaoning, Zhejiang and 5 other cities.

China’s GDP growth settled at 6.9% in 2015

China’s gross domestic production totalled 68.9052 trillion yuan (US$9.936 trillion) in 2015, up 354.6 billion yuan from the preliminary accounting, according to the National Bureau of Statistics, reported Shanghai Securities Journal on Monday. The annual growth rate remained at 6.9%.

Business disputes at private companies to be handled through criminal laws

Business disputes at private companies should be handled through criminal laws, The Supreme People’s Procuratorate of China said in a notice on Monday, Caixin reported.

Shanghai ranks third in number of international retail enterprises

Shanghai ranked third after London and Dubai in 2016 in the number of international retailers operating in the city, with more than 180 out of a total list of 340, Xinhua reported citing figures from Shanghai’s Municipal Commission of Commerce.

Tianjin plans large expansion of electric vehicle charging stations

Tianjin plans to encourage use of electric vehicles by building more than 92,000 charging stations by 2020 to bring the total to 150,000, reported Yicai on Monday night. The city hopes to have 160,000 electric vehicles on the roads by then.

Hubei to develop 50 culturally distinctive towns within five years

Hubei plans to develop 50 culturally distinctive towns within five years to boost local tourism and economies, Sina Finance reported on Monday citing information from the province’s housing and urban-rural development website.