China Digest

Economics and policy from China’s newspapers

Friday March 24, 2017

‘Zombie’ coal firms targeted in reforms: NDRC

The country will accelerate the process of cutting overcapacity and close down “zombie” coal enterprises to meet Premier Li Keqiang’s reform goals, Yicai reported on Thursday evening quoting Lian Weiliang, deputy director of the National Development Reform Commission. The goal this year is to cut 150 million tons of coal output, it added.

Net profit at China Life Insurance dropped 44.9% in 2016

China’s largest life insurer reported a 44.9% drop in its net profit to 19.1 billion yuan (US$2.77 billion) and revenue was down 22.8% to 108 billion yuan in 2016, Caixin reported on Thursday evening citing, a China Life Insurance annual report. The drop is due to lower interest rates and fluctuations in the capital market, the report said.

Clampdown on property buyers in key Chengdu districts

Residents are only allowed to purchase one property, new or second hand, in key districts of Chengdu from today, Sina Finance reported on Thursday evening, citing an official announcement. Buyers must have been living in the district they want to make a purchase in and should have paid social insurance for more than two years, it added.

Zhang Xin appointed deputy director of SAFE

Zhang Xin, a former bureaucrat from the People’s Bank of China Shanghai branch, has been appointed as a deputy director of the State Administration of Foreign Exchange (SAFE), Caixin reported on Thursday. The report did not state when Zhang’s appointment took effect.

Agencies barred from property speculation in Beijing

The capital’s municipal government said on Thursday that the 10 major real estate intermediaries and agencies face punishment if they engage in property speculation, China News reported on the same day. Agencies include Centaline and Aiwujiwu. The local government also said it aimed to tackle property speculation in the coming months, by working together with other government agencies such as the banking regulatory body and the commerce ministry, the report added.

326 cinemas fined for hiding box office figures

Authorities fined a total of 326 cinemas across the country for either concealing or failing to report box office figures, reported Caixin on Thursday evening. The move marks the first official action taken after a film industry law was passed three weeks ago, the report said. Concealing box office figures negatively impacted film distributors and production companies, said authorities in the report. In 126 of the most severe cases, the cinema was ordered to close indefinitely.