PBOC eyes housing bubbles and inflation in 2017
The People’s Bank of China (PBOC) will focus on restricting loans, and preventing inflation and housing bubbles in 2017, the Beijing Morning Post said on Monday, citing the central bank’s Monetary Policy Quarterly Report, published last Friday.
2017 coal capacity reduction targets slashed by 80%
Coal capacity reduction targets for 2017 have been slashed to 50 million metric tons, Caixin reported on Sunday, citing the National Energy Administration. The target, announced on February 17, is 80% less than the 250 million metric ton target set in 2016, the Caixin report said. Coal production is also set to increase by 5.8% this year compared to last year, reversing a trend of three consecutive years of decline, it added.
Cities with depleted resources get help to make switch: NDRC
Aid will be given to cities with depleted natural resources to make switch to alternative growth industries, a Shanghai Economic Journal report said on Sunday. These cities, which depend on natural resources for growth, will be given more help to switch their economic models, the National Development and Reform Commission (NDRC) said on February 18. NDRC spokesman Xu Lin said switching to other industries would require a “good business environment,” the report said.
Crackdown on commodities trading platforms in Shenzhen
Commodities online trading platforms in Shenzhen suspected of fraud are under police investigation, Caixin reported on Sunday. These companies claim they operate spot trading in precious metals and crude oil, but actually perform digital futures trading, the report added.
Long-serving bureaucrat is now Shanghai party deputy secretary
A 53-year-old bureaucrat has been promoted to become the Shanghai Communist Party deputy secretary, reported Caixin on Sunday. Yin Hong, who has worked in the city since 1994,had held the post of Shanghai provincial secretary-general in the party’s municipal committee. The move is considered an unusual personnel reshuffle because the position is normally held by a municipal-level party secretary or a central government official. Internal promotions are uncommon at this level.