Li Keqiang warns financial firms on corruption crackdown
Premier Li Keqiang warned financial institutions that they need to further strengthen internal compliance to strike out corruption, insider trading and illegal transfer of assets, and that violators will be firmly punished, Securities Daily reported.
Market-rule violators must pay heavy price, CSRC’s Liu says
Company insiders who mislead the market through fraudulent financial reporting, unnecessary corporate restructuring and dumping stock must expect to pay a heavy price, said Liu Shiyu, chairman of the China Securities Regulatory Commission.
HKEX to introduce 5-year China MOF treasury bond futures
Ministry of Finance five-year bond futures will debut today in Hong Kong, and will be the offshore markets’ first futures on domestic Chinese government bonds to meet international investors’ growing demand for tools to manage RMB interest rate risk, Shanghai Securities Daily said.
Wining, dining & junkets budget to fall 0.5%
Non-essential spending by officials in central government departments on entertainment, cars and overseas trips is budgeted to drop 0.5%, or 30 million yuan, this year, National Business Daily reported on Monday.
Private capital sought for previously off-limit industries
The government will set up industry funds and open more strategic industries to private capital, including telecommunications infrastructure, upstream oil and gas exploration, and defense technology, Economic Information Daily reported.
Chalco, China Eastern among 31 SOEs backing Xiongan
Chalco, China Eastern Airlines, CNOOC and China Southern Power Grid are among more than 31 major state-owned enterprises that have pledged to back the central government’s Xiongan New Area, China Securities Journal said.
Tianjin city seeks 500 billion yuan with new fund
Tianjin city government set up Haihe Industry Fund with 20 billion yuan (US$2.9 billion) in seed funding with a view to attracting 500 billion yuan of development capital. ICBC, CCB, BOC, Citic Group, China Minsheng Investment and two other institutions have agreed to provide more than one-fifth of that over the next five years, Caixin reported on Sunday night.
Bitcoin copycat Litecoin may have huge hidden risks
The price of the cryptocurrency Litecoin surged to 65.5 yuan from 27.9 yuan over the past 10 days as speculators may be manufacturing volatilities in it after Bitcoin fell under heavy scrutiny, Beijing Business News said on Monday.
Heilongjiang shuts door on P2P microfinance
The northeastern province of Heilongjiang bans person-to-person online lending websites from participating in internet-based microfinance activities, National Daily News reported on Monday.
Heavy crackdown on rogue property agents
Property agents who violate the law, government policies or their codes of conduct, such as by spreading malicious rumours, stir-up the market and should be severely dealt with, according to a commentary in the official Securities Daily on Monday.