Boao Forum calls for further economic globalization
The Boao Forum appeals to governments and private businesses to push for opening-up of markets that will be inclusive of growth and economic cooperation, Xinhua state news agency reported on Saturday. Economic globalization is an inevitable result of technological advancement and global governance systems must be improved, the report added.
Countries must be vigilant on reflation: PBOC
Global economic recovery should not be too dependent on monetary policy and countries must remain vigilant against reflation, said Zhou Xiaochuan, the director of the People’s Bank of China, Xinhua reported. Zhou, who was speaking at the Boao Forum for Asia on Sunday, believes that after many years of quantitative easing, many countries will have excess liquidity and it is now the high time for them to focus on long-term structural reform, the Economic Information Daily said on Monday.
Shanghai, Europe in talks to open up bond, forex markets
The Shanghai Clearing House is in talks with counterparts in London, Germany and Europe to open up various markets such as onshore bonds, foreign exchange, stocks and capital, Securities Daily reported on Sunday, citing director Xu Zhen. It wants to strengthen the financial infrastructure essential for connection systems.
Internet a new solution for sale of non-performing assets
Information technology can help verify the identity of bidders and improve symmetry on online auction platforms that dispose of bad assets, China News Service reported, citing Zheshang Asset chief strategist Li Wei at the 2017 China Non-performing Asset Disposal Summit in Hangzhou. This would enable asset management companies to display a list of bad assets to potential bidders and better manage risks, Li said. More than 2,500 judicial courts had joined Alibaba’s Xianyu Auction platform by March 2017, handling over half of the auctions, it added.
Vanke’s 2016 net profit breaks US$3.05 billion mark
Net profit at leading real estate developer Vanke stood at 21 billion yuan (US$3.05 billion) by the end of 2016, a 16% increase from 2015, Caixin reported. Its annual report said Vanke broke the 20 billion yuan mark for the first time. Vanke said 40% of the profit would go to shareholders. Revenue stood at around 240.5 billion yuan, increasing 23% year on year, it added.