State Council encourages social investment in five areas
Medical services, elderly care, education, culture and sports are the five key areas that needs a boost in investment, China Securities Journal reported on Thursday. The government will encourage enterprises to connect with the multi-layer capital market for financing, a State Council document said. Brokerage Guotai Junan estimated that the elderly care industry can expand by 5 trillion yuan (US$725 billion), the report added.
US$20.11 billion in FDI for the first two months
The country saw 3,860 new wholly foreign owned enterprises set up in January and February, increasing 13.7% from a year earlier, with 138.68 billion yuan (US$20.11 billion) in foreign direct investment (FDI), the Ministry of Commerce said on its website on Thursday night. Investment in the services sector accounted for 74.9% of total FDI, increasing 2.1% year on year to 103.89 billion yuan. While investment in electricity, gas and water providers saw the largest gain of 184.4% from last year.
February foreign exchange deficit stood at US$10.1 billion
The foreign exchange deficit at the country’s banks stood at US$10.1 billion in February, a 70% decrease from a year earlier, the 21st Century Business Herald reported on Friday. More individuals are selling rather than buying currencies via banks, witnessing a 35.8% decline to US$10.07 billion in net sales from last month, the State Administration of Foreign Exchange (SAFE) said. High capital outflows had eased with supply and demand in foreign exchange trading balanced in February, said a SAFE spokesman.
Price rises in coal and steel temporary, says commission
Recent price rises are temporary and will not change the fundamental oversupply problem, China Securities Journal reported on Thursday, citing a National Development and Reform Commission meeting. Coal demand will drop when central heating provided by the government in the north of the country ends, the report added.
Decline in retail investors of Shenzhen stocks
Retail investors with securities assets below 500,000 yuan (US$72,000) accounted for 77% of market participants, a 7.4 percentage point drop compared to last year, Caixin reported on Thursday, citing a survey in the 2016 investigation report on individual investors in the Shenzhen Stock Exchange.