Evergrande Life barred from stock trading for a year
The China Insurance Regulatory Commission(CIRC) has barred Evergrande Life from stock trading for a year after accusing it of engaging in irregular investment activities, Caixin reported on February 25. The insurance watchdog statement issued on February 24 also said Yao Zhenhua, the chairman of Foresea Life Insurance, is barred from the insurance business for 10 years, as part of the central government crackdown on aggressive insurers engaging in short-term speculation, the report added.
Privatization of JD Finance almost complete
JD Finance, the internet financial arm of Nasdaq listed JD.com, will complete its privatization soon, reported Yicai on Sunday. The report, citing sources close to JD.com, also said JD Finance recently completed a round of financing in January, raising 50 billion yuan (US$7.28 billion). The privatization move is aimed at an eventual listing in China, it added.
CSRC to crack down on ‘barbarians, capital predators and wolves’
Liu Shiyu, chairman of the China Securities Regulatory Commission (CSRC), vowed to crack down on “barbarians,” “capital predators” and “rats and wolves” that target retail investors, reported Caixin on Sunday. Liu did not elaborate on who the “capital predators” were, but said the watchdog was committed to stable development of the capital markets with a focus on reforms. Separately, measures were being discussed to welcome more foreign companies’ investment by allowing them to take large stakes in domestic joint ventures, Caixin reported, citing the CSRC deputy director Fang Xinghai.
Annual output of gold to reach 500 tons by 2020: MIIT
The country aims to produce 500 tons of gold annually by the end of 2020 as part of the 13th five-year plan, Sina Finance reported on Friday, citing information released by the Ministry of Industry and Information Technology (MIIT). Annual output in 2016 was 453.48 tons, while it was 450 tons in 2015.
New futures on petroleum and agricultural produce in 2017
The CSRC will launch new petroleum and agricultural produce futures in 2017, Caixin reported on Sunday afternoon, citing Fang Xinghai, deputy director of the China Securities Regulatory Commission in a conference. Fang also said the CSRC will encourage more offshore customers to take part in the country’s futures trading business.
Reform commission deputy He Lifeng promoted to director
The National Development and Reform Commission has a new director, He Lifeng, following a Friday, Caixin reported on the same day. The 62-year-old has participated in local politics in Fujian Province for 25 years. He has been the deputy director of the NDRC since 2014, and was one of the people in charge of the one belt, one road program, the report added.