February new loans stood at US$169.32 billion
The country’s banks extended 1.17 trillion yuan (US$169.32 billion) in new loans in February, beating analysts’ expectation of 950 billion yuan. While broad M2 money supply grew 11.1% from a year earlier, according to the data released by the People’s Bank of China on Thursday afternoon.
Four SOE sectors targeted for reform
State-owned companies in the steel, coal, heavy equipment and thermal power industries must implement restructuring, said Xiao Yaqing, the director of State-owned Assets Supervision and Administration Commission (SASAC) at a Thursday press conference. So far 92% of the subsidiaries of SOEs had restructured operations into a corporate style, the report added.
10 projects specified in 2017 draft budget
Identifying talented students, national research and development in technology and reducing pollution are among 10 major projects in the central government’s draft budget for 2017, reported Xinhua state news agency on Thursday. Education, technology and environment are among the 10 ministries involved in the projects. It is the first time the central government has been so detailed in its budget, it said.
Shanghai sets new rules on bike sharing in June
Shanghai plans to issue standards to regulate bike-sharing apps, The Paper said, quoted Xu Daoxing, the chief engineer of the Shanghai Bicycle Industry Association. Rules may include a requirement that refunds should be processed in seven days, a service hotline should be on 24-7 and bikes used for three years should be replaced. The rules are expected to take effect as early as June.
Restructuring of Sinosteel with three companies approved
The China Securities Regulatory Commission has approved Sinosteel Anhui Tianyuan Technology Co Ltd’s buyout of three firms valued 443 million yuan, Caixin reported. The move is part of the government’s SOE retsructuring campaign. Sinosteel Anhui Tianyuan is a subsidiary of the debt-ridden state-owned Sinosteel. Sinosteel Zhengzhou Research Institute of Steel Wire Products Co Ltd, Zhongwei Co and Hunan Special Materials will become wholly-owned subsidiaries of Sinosteel Anhui Tianyuan, but state-owned parent Sinosteel will be the actual owner, Caixin said.