China Digest

Economics and policy from China’s newspapers

Wednesday April 19, 2017

Market confidence in yuan increasing significantly: Li Keqiang

China’s foreign trade grew substantially in the first quarter of 2017 and the growth is “mainly led by the market’s increasing confidence in the yuan,” Premier Li Keqiang said at a forum on Tuesday. China will continue to maintain stability of the yuan exchange rate, Li added.

Impose strict punishment on illegal, criminal activities: Xi

Authorities should impose strict punishment on illegal and criminal activities as well as improve measures to prevent money laundering, terrorism financing and tax evasion to “build a socialist system on the rule of law and a modern financial system with Chinese characteristics,” Shanghai Securities Journal reported, quoting President Xi Jinping.

Slashing red tape is key reform in 2017, says State Council

A National Development Reform Commission (NDRC) circular outlined aims to speed up approvals for export-oriented goods as well as reduce or cut approval processes on goods and services accreditation as its priority this year, the Economic Information Daily reported on Tuesday evening.

Debt-to-equity swaps exceeded US$72 billion

Of the 500 billion yuan (US$72.62 billion) in debt-to-equity swap agreements struck since the scheme began in October last year, nearly one-tenth of the deals had been completed, the Economic Information Daily, a Xinhua-affiliated newspaper, said on Tuesday. As of Monday almost 40 billion yuan of deals had been completed, the report said.

Reform program for oil and gas industry to be released soon

The State Council and the leading team for “comprehensively deepening reform” had approved the country’s oil and gas reform program that will be issued soon to departments revealing how monopolies will be broken, Sina Finance reported.

Transactions on Sinopec site reach 90.21 billion yuan

Sinopec reported 90.21 billion yuan in supply chain to business (SC2B) transactions of industrial products on its e-commerce platform in its first year of operation, Caixin said. Transactions outside Sinopec of 5.84 billion yuan, accounted for 6.5% of the total.

Shanxi names 10 candidates for 19th National Congress

Among the 31 provinces in China, Shanxi took the lead publishing the names of 10 candidates – the entire membership of the provincial committee – for the 19th National Congress of the Communist Party that will be held in Beijing later this year, Caixin said.

Luijiazui Finance district to push for internet financing standards

Establishing two hubs is among the new goals set out for the financial district of Luijiazui in a revised 13th Five-Year Plan for Shanghai, the Paper reported on Tuesday evening. One hub will focus on cross-border yuan use and improving financial sector services to international standards, while the other will target internet financing and emerging products, it added.

China’s C919 large passenger aircraft passed flight assessment

The first flight assessment had been completed on the country’s Comac C919 large passenger aircraft and authorities will choose the date for its first take-off after the high-speed taxiway is completed, Shanghai Securities Journal reported on Tuesday.

Silicon Valley thinking won’t create cars, says Alibaba’s Wang Jian

Alibaba’s technical group chief Wang Jian says cars are similar to consumer goods that people will change just like they do with clothing, Caixin reported on Tuesday evening. Wang added that Silicon Valley thinking where the internet was centered on the concept of sharing was unlikely to apply in car manufacturing.