Chinese banks provided US$480 billion in loans to Obor projects
China Business News estimated that the country’s major banks had extended loan and credit worth more than more than US$480 billion to One Belt, One Road (Obor) projects. Projects were also exempt from foreign exchange controls, China Banking Association Vice-President Pan Guangwei said at a briefing ahead of the high-profile summit that starts on Sunday.
PBOC fines payment providers Alipay, Tenpay
The People’s Bank of China fined Alipay and Tenpay 30,000 yuan each because the dominant payment service providers failed to fulfill registration requirements on users. They share more than 90% of China’s mobile payment market and the fines serve as a warning.
Local governments raise basic pension payments
Shanghai and Inner Mongolia join six local governments in raising basic pensions for both urban and rural residents, China News said. Shanghai payments will rise to 100 yuan per person per month and to 20 yuan per month in Inner Mongolia.
Ninth price cut in domestic oil prices for 2017
The central government said domestic oil prices would be cut in 2017 in the ninth adjustment this year. Prices for petroleum will be cut by 250 yuan per metric ton and diesel by 235 yuan per metric ton from May 12.
Year-end launch plan for Shanghai crude oil futures
The Shanghai Futures Exchange will support the Shanghai International Energy Exchange Center’s preparations to list crude oil futures, which will be launched by the end of this year, The Paper reported.
National vehicle sales drop 18.1% in April
Vehicle sales dropped 18.1% in April and 2.2% year on year due to weak market demand and tighter taxes, Caixin reported, citing China Automobile Association data. The association expects price increases in the second quarter of this year and a fierce price war.
Hangzhou banks cut interest rates on first-time home loans
Banks in Hangzhou cut the interest rate on first-time mortgages from 10% to 5%, the Securities Daily reported.
Shenzhen to develop land to cool high property prices
The Shenzhen municipal government plans to increase land by 28 square kilometers for development before 2020 in urban and rural areas to ease rising property prices, Caixin reported. The city is now 976 square kilometers.
More than 40 new local AMCs approved
The China Banking Regulatory Commission has approved more than 40 local asset management companies (AMCs), Sina Finance reports. A market researcher said the four existing AMCs could not handle the amount of non-performing assets.