China Digest

Economics and policy from China’s newspapers

Thursday June 1, 2017

PBOC seeks public comment on bond connect draft rules

The People’s Bank of China is seeking comment until June 7 on a public consultation paper on draft rules on northbound trading for the Hong Kong-mainland bond connect scheme, Securities Daily reported. Qualified overseas investors can buy an unlimited amount of bonds with either Chinese yuan or foreign currencies, the PBOC paper said. Overseas investors joining the scheme with foreign currencies should register the bonds they purchase with qualified trustees, a Sina Finance report added.

Local governments to prepare for State Council inspections

A State Council notice warns local governments that a fourth round of inspections will start in mid-July on the completion of supply side reforms and increasing consumption as part of economic and social development targets, Xinhua reported. Local governments must review their progress from May 31 to July 1.

Shanghai launches policy to support industrial sector

The Shanghai Development and Reform Commission launched a policy to encourage the development of the industrial sector, the Paper reported, citing deputy director Ruan Qing who said helping firms develop would benefit the nation.

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Cross regional institutes can tackle air pollution: Blue Book

Cross regional institutes are needed to control air pollution in Beijing, Tianjin, and Hebei province, Chinanews said, citing the Blue Book of Beijing Annual Report on Economic Development (2016-2017) published on May 31.

Foshan imposes limits on non-locals buying property

Non-local registered families who already own a property cannot buy a second home in certain areas in Chancheng and Shunde districts of Foshan city in Guangdong province as of June 1, the Paper reported.

Second-hand home prices in Shenzhen fall to record low

Prices of Shenzhen’s second-hand homes hit a record low in nearly 18 months, with the average at 48,200 yuan per square meter from May 22 to 28, a 5% decline compared to the previous week, Caixin reported, citing data from Shenzhen Centaline Property Consultants.

Nearly 10,000 wholly foreign-owned enterprises set up this year

A total of 9,726 wholly foreign-owned enterprises were established in the country from January to April, a 17.2% increase compared with the same period last year, Sina Finance reported, citing data released by the National Development and Reform Commission.