120 projects worth over US$50 billion invested in Obor countries
More than US$50 billion has been invested in One belt, One Road (Obor), or Belt and Road, countries in the past three years and these projects had yielded better than expected results, Shanghai Securities News reported on Monday, citing National Development and Reform Commission Chairman He Lifeng. China has signed more than 50 intergovernmental cooperation agreements and around 70 with international organizations.
Core SOEs involved in national security face reforms
Companies directly involving national security and people’s welfare such as food and medicine will be targeted for reform this year, Shanghai Securities News reported on Monday, citing Xiao Yaqing, director of the State-Owned Assets Supervision and Administration Commission. Reforms will be conducted when required on core state-owned enterprises, Xiao said.
Big three telecoms giants answer Premier Li Keqiang’s call
Telecom service providers China Mobile, China Unicom and China Telecom have taken action following the call from Premier Li Keqiang’s government work report, Caixin reported. The three giants will improve internet speeds and reduce charges, while China Telecom is investing 100 billion yuan (US$14 billion) this year in optical network construction in township-level places or beyond in southern China.
Funds must avoid feeding asset bubbles: PBOC official
Chen Yulu, deputy director of the People’s Bank of China (PBOC), emphasized the importance of money market funds avoiding areas of high-risk asset bubbles, referring to stocks and the housing market, China Securities Journal reported on Monday. To ensure the finance industry serves the real economy, the country must stick to a moderate monetary policy and expand financing channels, Chen added.
Hong Kong-Macau-Guangdong Bay Area inked in report
A plan to integrate Hong Kong, Macau and cities in Guangdong province to develop a Bay Area has become a national strategy, Securities Daily said on Tuesday, after the idea was published in Premier Li Keqiang’s government work report. Tencent chief executive Ma Huateng also submitted a detailed proposal to build a world-class tech bay in the same area during the “two sessions,” it added.
250 Xiaomi stores set to open this year
Xiaomi, an e-commerce startup that has become one of China’s biggest smartphone brands plans to open 250 retail stores this year, founder Lei Jun told Caixin on Monday night. Lei believes the “new” retail model, meaning click-and-brick, will be the next evolution. Lei believes the new model and e-commerce technology will help to improve a buyer’s experience in the physical retail space and promote sales efficiency.