Liaoning governor admits fiscal data overstated
Liaoning’s government overstated its income between 2011 and 2014, Governor Chen Qiufa admitted at a meeting of the northeastern province’s legislature on Tuesday, People’s Daily reported. Fake revenue numbers accounted for one-fifth of total government income during the period, the official Communist Party mouthpiece said, without saying where the information came from.
Easing IPOs to benefit overall market: Xinhua
Speeding up the IPO process will improve the quality of equity markets, Xinhua news agency said on Tuesday evening, after investors blamed the policy for driving share prices lower. Too long a queue to IPO could make some listed shares that would otherwise be of little value targets for so-called backdoor listings, Xinhua cited China Science & Merchants Investment Management Group CEO Qian Xiangshuang as saying.
US$4.4b ‘engine town’ planned for Guiyang
China Communications Construction will invest 30 billion yuan (US$4.4 billion) to build a new town in central Guizhou province with the aim of jumpstarting an aviation-engine industry that could be worth 100 billion yuan, China News reported on Tuesday. The “engine town” is a collaboration between the military in the provincial capital of Guiyang and the private sector, it said.
Citic McDonald’s tie-up with Beijing Capital Agri
Citic will invest more than 2 billion yuan in Beijing Capital Agribusiness Group, an operator of McDonald’s outlets in Beijing and Guangzhou, in an agreement that will see both state-owned companies jointly run the fast-food franchise in China, Caixin reported on Tuesday evening. Citic will hold 16.7% of BJCAG after the first phase of the deal, it said.
Unicom first telco to trial centralized IT system
China Unicom on Tuesday began rolling out the nation’s first centralized telecommunications IT platform in Guangdong, Inner Mongolia and Heilongjiang, Caixin reported. The new platform, a collaboration with Alibaba Cloud, will cover the whole country in six months, it said.
Pollution warnings under tighter control
China Meteorological Administration said its provincial units will no longer issue individual pollution reports in a move it said aims to prevent confusion caused by contradictory releases, Caixin said on Tuesday evening. The agency is also seeking to coordinate pollution reports with the Ministry of Environmental Protection, the report said.