China Digest

Economics and policy from China’s newspapers

Tuesday May 9, 2017

Science City planned to give Shanghai innovation edge

Shanghai said it plans to build a 94 square kilometer science and technology park to foster innovation in the Yangtze River Delta, Yicai reported. Zhangjiang Science City will be built in the southeastern part of Shanghai, and the plans are now open for public comment, it said.

Shanghai sees trade zone, science park as driving reform, growth

Shanghai sees its free trade pilot area as a “breakthrough” and science innovation center a driving force for deepening reform and delivering economic growth, Han Zheng, Shanghai Municipal Party Committee Secretary, was cited saying by Sina Finance.

CBRC demands more market valuation of bank collateral

Banks must revalue those types of collateral with high price volatility, the China Banking Regulatory Commission said in new rules issued on Monday, the Paper reported.

China Eco Watch Table 0508

SASAC sees global goals in OBOR drive

Over the past three years, 47 state-owned enterprises have participated in 1,676 projects along the countries that make up the One Belt, One Road initiative, Xiao Yaqing, director of SASAC, the central government agency that oversees the state’s biggest companies, was cited by the Securities Daily as saying. He added that the participation of SOEs on the OBOR initiative aims to deepen cooperation between countries on equipment, technology, management and other areas in order to promote sustainable development of the global economy.

Non-reserve financial account deficit narrows in Q1

The non-reserve financial account deficit narrowed significantly to US$21.5 billion in the first quarter, of which outbound direct investment decreased 43% from the previous three months, SAFE data show, Sina reported.

State Administration of Taxation helps companies go global

The tax authorities saved Chinese companies 13.2 billion yuan in overseas tax bills since 2013, with 181 cases handled through bilateral negotiations, Sina News reported. The State Administration of Taxation is now compiling information on the tax situation with 95 countries, including those along the “One Belt One Road” area.