China Digest

Economics and policy from China’s newspapers

Friday April 21, 2017

CIRC warns insurance industry to behave

The China Insurance Regulatory Commission warned the industry it would be strict in monitoring any illegal activity, strengthen supervision, and prevent internal and external collusion, Caixin reported on Thursday.

PBOC to consider market impact of shadow banking rules

Ma Jun, the central bank’s top researcher, said the People’s Bank of China will weigh up the market impact on whether to introduce new rules on shadow banking, Yicai reported on Thursday. New rules will be rolled out gradually, Ma added.

Beijing property deals to be settled via bank accounts not cash

Settlement of property transactions in Beijing from May 1 should be completed through bank accounts between the buyer and the seller not cash or third-party credit sources, Caixin reported on Thursday evening, citing an official notice. The move is to prevent money laundering, the Paper added.

Li Keqiang stresses redeployment not retrenchment for workers

Premier Li Keqiang told 20,000 workers the government will ensure “redeployment not retrenchment” and “change of career not loss of career” when Jinan Steel Group is restructured this year, China News online reported on Thursday evening. The news is a significant central government message as capacity cuts in iron, steel and coal industries have affected more than 2 million workers since last year.

NDRC to support adoption of IT in industrial, manufacturing sectors

The National Development Reform Commission is set to announce new policies on industrial and manufacturing sectors to achieve 10 key goals such as integration of technology, “green” production and raising brand profiles, the Economic Information Daily said on Friday morning.

Licensing fees in mineral resources mining to boost fair competition

The State Council will introduce licensing fees on mineral resources to create a fair competitive environment for the national mining market, The Paper reported on Thursday. Local government revenue is expected to increase by 3.37 billion yuan (US$490 million) annually, the report added.

Reform plan to raise international standards at Tianjin Free Trade Zone

Tianjin Free Trade Zone will implement a three-year reform program to raise international standards via system innovation, promotion of strategic integration with countries and highlighting its position in the development of Beijing-Tianjin-Hebei area, the Shanghai Securities Journal said on Friday, quoting Tianjin Deputy Mayor Yan Qingmin on the zone’s second anniversary.

Victims of fraud case will be protected, vows China Minsheng Bank

China Minsheng Bank promised to protect consumers following the start of talks with almost 150 clients to return money they lost after being sold fake wealth management products, the Shanghai Securities Journal reported on Thursday evening. Deputy Governor Zhang Ying of a Beijing branch is being investigated. These clients’ rights will be protected “to the highest level,” it added.