China Digest

Economics and policy from China’s newspapers

Wednesday March 1, 2017

National coal production dropped three years in a row

The country produced 3.41 billion tons of coal in 2016, a 9% drop compared to 2015, Sina Finance reported on Tuesday afternoon, citing information from the National Bureau of Statistics website. Total annual output has dropped three years in a row since the 3.97 billion tons in 2013, it added.

Ministry to increase land supply and housing in key cities

Increasing land supply and housing in cities with huge demand will be a priority, said Land and Resources Minster Jiang Daming, Xinhua reported on Tuesday. Jiang said at a closed-door ministry work conference in January that the ministry will increase the housing to land ratio in those cities. Third- or fourth-tier cities facing difficulties in clearing inventory, however, will see a decrease or supply halt, the report said.

CIRC to probe Foresea Life Insurance ‘breach’ in Shandong

The China Insurance Regulatory Commission (CIRC) has sent a team to Shandong to investigate an alleged breach from Foresea Life Insurance for setting up two branches, Caixin reported on Tuesday evening. The move came after an earlier Caixin report on Tuesday stating that the Shandong branch of the watchdog had approved the two new Foresea branches on January 5 despite it falling foul of new rules in December last year, it said. Under the rules, insurance companies cannot set up new branches if the total sum of original premiums collected in a quarter falls below 30% of its total revenue in that period, the report said.

JD.com eyes 10,000 electrical appliance stores in 2017

JD.com, the country’s second-largest e-commerce company, is aiming to open more than 10,000 electrical appliance stores across the nation this year, Caixin said. It aims to open one to two shops at county level and five shops at city level, aiming to cover 90% of rural areas, the report said. The move came after JD.com said it had a 62% market share of online household appliance sales, the report said.

Committee launches 2022 Winter Games sponsor search

The 2022 Beijing Winter and Paralympic Olympics have officially launched their marketing programs, Xinhua reported. Guo Jinlong, president of the Organizing Committee for the 2022 Winter Olympics and Paralympics, said that to attract corporate sponsors, marketing campaigns will cover any two cycles from 2018 to 2024, it added.