China Digest

Economics and policy from China’s newspapers

Wednesday April 5, 2017

Hebei to boost railway freight to 400 million tons by 2020

The northern province of Hebei is to boost its volume of railway freight to 400 million tons by 2020, a 60% increase compared to 250 million tons in 2016, Caixin reported Tuesday evening. The Hebei party committee said the move was also aimed at developing a rail network connecting provincial coal and steel businesses.

Better air quality is goal in plan to move 67 industrial firms

Cities in Hebei province will benefit from improved air quality with plans to move 67 industrial enterprises out of urban areas, Sina Finance reported. Steel, petrochemical, cement, glass and textile firms are among the industries targeted in the move, the provincial government said. All the other industrial enterprises that are causing serious air pollution and are proved to be of no economical value will be shut down by 2020, it added.

Don’t let property speculation ruin Xiongan ‘thousand year plan’

The People’s Daily published an editorial on Tuesday warning property speculators not to ruin the “thousand year” development plan for Xiongan. Major Chinese news outlets republished it, which later could not be found on the People’s Daily website. The editorial warned people not to engage in “property and land speculation” and use “different financial means” to make a profit. It also described Xiongan as a “thousand year” project because it would promote the coordinated development of Beijing, Tianjin and Hebei, key centers vital to the country’s economic health.

Peer-to-peer online lending sets record in March

The peer to peer, or P2P, online lending sector scaled new heights in March this year, posting a record 250.8 billion yuan (US$36.39 billion) in transactions since April last year, Jiemian reported. The figure is a month-on-month 22.76% increase this year, it said. The industry also saw consolidation with 54 companies shut down in March.

Beijing to spend 1.33% of its GDP on waste incineration in 2018

A Renmin University report said 1.33% of Beijing’s gross domestic product will be spent on waste incineration, Yicai reported on Monday evening. The university’s National Development and Strategy Institute, which released the report on March 22, said 11 incineration plants, with eight due to be completed by 2018, will cost 37.32 billion yuan a year.