GDP growth will be no less than 6.5% in 2017, says economist
Gross Domestic Product (GDP) growth in 2017 will be no lower than 6.5%, economist Xu Hongcai said in the Securities Daily on Thursday. To support the economy, an 11% to 12% growth in M2 for 2017 should be targeted, added Xu, an economist from the China Centre for International Economic Exchanges, a think tank under the National Development and Reform Commission.
Sasac tightens reins on state-owned firms’ investment targets
The State-owned Assets Supervision and Administration Commission (SASAC) has introduced a “negative list”, naming overseas and domestic projects that state-owned companies cannot invest in, Xinhua News Agency reported on Wednesday night. The list categorizes projects into “forbidden” and “special supervision.”
Bitcoin trading platforms caught illegally doing financing: PBOC
OKCoin and huobi.com, the bitcoin trading platforms in China, had illegally operated financing business and caused abnormal fluctuations in the market, the National Business Daily reported on Thursday. The People’s Bank of China (PBOC) made the discovery after a co-inspection with the Shanghai and Beijing Finance Departments on bitcoin trading platforms from January 11, aiming to find out if they had conducted business out of their scope of credit and payment.
2 million electric cars to be built annually by 2020: MIIT
The Ministry of Industry and Information Technology said at a forum on January 15 that it will aim to build 2 million electric cars by 2020, National Business Daily reported on Thursday morning. The ministry also said that by 2025, 20% of all vehicles manufactured annually should be electric. China produced 500,700 electric cars in 2016 and saw an almost 50% increase from 2015, the report said.
Rise in raw materials price sees manufacturing earnings decrease
The manufacturing industry faces the risk of deteriorating earnings in the near future, Caixin said on Wednesday evening citing a new report by Renmin University and China Chenxin Credit Management. The report said the increase in the December producer prices index had not coincided with higher consumer prices as they should have. It shows that middle and upstream prices are unable to react to changes in downstream demand. This will further impact the earnings capacity of middle to downstream players, Caixin said.
Zhuge Tianxia no longer a tech ‘unicorn’
Automotive aftermarket website Zhuge Tianxia (Beijing) Information Technology has lost its title as a tech “unicorn,” or a tech company valued at US$1 billion and above, reported Caixin on Wednesday evening. Zhuge is now worth 256 million yuan (US$37.4 million) down from a heyday price of 6 billion yuan in December 2015. The Beijing-based company was the first “unicorn” on China’s New Third Board, the country’s largest OTC trading board, but due to losses in recent years its stock has dropped sharply.