China Digest

Economics and policy from China’s newspapers

Wednesday March 29, 2017

AIIB approves three joint financing programs worth US$285 million

The Asian Infrastructure Investment Bank released its first batch of loans in 2017 – three joint financing programs with a combined total of US$285 million, Caixin reported on Tuesday. The three programs included two projects to improve the functionality and safety of large scale reservoirs and facilitate the infrastructures in Indonesia, as well as a project in Bengal of natural gas facility construction.

People will be punished for companies’ bad credit

Anyone associated with a trade firm that has bad credit, such as lawyers, board directors, supervisors, administrative managers and others, will be restricted from buying plane tickets or going abroad, Finance China said. The National Development and Reform Commission, People’s Bank of China, the General Administration of Customs and 30 departments signed a memorandum of cooperation to promote a credit punishment mechanism on Tuesday. Anyone who has been punished will be scrutinized when they try to register a new company, said Li Guo, the customs vice-minister.

Land supply increased to build affordable homes in Beijing

Beijing will increase land supply to build 15,000 affordable homes in 2017 to improve people’s lives, Xinhua state news agency said on Tuesday. The move aims to meet one of the key programs targeted in 2017. This type of housing has previously been sold at an average price of 18,000 yuan per square meter. It is expected to play a dual role of improving people’s living conditions and dampening the soaring housing price, it added.

Capital gets tough on property market speculation

The municipal government has announced nine new policies in 10 days to tame speculation in the real estate sector, China Securities Journal reported on Tuesday. Sales had decreased by 30%, it added.

Master plan in works for Beijing

The Urban Planning, Land and Resources Commission will today start consultation on the capital’s master development plan for the next 15 years, Sina Finance reported on Tuesday. Under the plan, metro networks will nearly double from 574km in 2016 to 1000km, green coverage will increase by 45% and the population would remain at 23 million.