China Digest

Economics and policy from China’s newspapers

Tuesday March 21, 2017

More free trade on the cards, says Premier Li

China will keep facilitating free trade and investment, protecting multilateral trade channels and promoting regional connections, said Premier Li Keqiang in a Xinhua news agency report Monday night. At the China Development Forum in Beijing on Monday, Li said the country will further open up its services, manufacturing and coal mining sectors. It will encourage wholly foreign owned enterprises to list on domestic stock markets, issue bonds or participate in the tech schemes and infrastructure construction, Li added.

First national law on foreign investment takes effect this year

The country’s first foreign investment regulations drafted by the Ministry of Commerce and National Development and Reform Commission is expected to be enacted as a law this year, the Economic Information Daily said. The law will include the country’s strategic design on overseas investment and clarify investment areas either forbidden or approved.

PBOC may consider re-lending to promote green loans

The central bank may consider re-lending, which means lending to commercial banks, to lower the financing costs of issuing green loans to enterprises, an official said in the Shanghai Securities Journal. Green loans accounted for 9% of the total loans, said Ma Jun, chief economist of the People’s Bank of China at a forum on green financing held on Monday.

Didi Chuxing shuts door on non-local registered cars

Didi Chuxing, the country’s top ride-hailing app, will stop using non-Beijing registered cars from the capital’s 3rd Ring Road on Monday, Caixin learnt on the same day. The move came after the Beijing city government announced in December last year that only vehicles registered in the capital are allowed to take part in ride-sharing and set a five-month adjustment period for firms to comply with the new rules, Caixin added. It said third-party drivers had already received notice from Didi that the ride-sharing company will stopped accepting them by March 31 this year, although Didi told Caixin the “date is not fixed.”

Co-founder of LeEco’s electric car unit resigns over ill health

The co-founder of SEE Plan, the electric car arm of Chinese tech company LeEco, resigned on Monday in a Sina Weibo post, citing ill health, reported Caixin that evening. Ding Lei was also the head of the China region for SEE Plan and rumors of his departure had been circulating since December last year. Chief Operating Officer Zhang Hailiang will replace Ding.

Phosphorous top pollutant in Yangtze River, says ministry

The environment ministry announced on Monday that phosphorous has become the main pollutant in the Yangtze River, Caixin reported on Monday evening. Zhang Bo, a director in the Ministry of Environmental Protection, said the main source of pollution was from agricultural activities and it will look to impose strict sewage standards as a means to combat pollution.