China Digest

Economics and policy from China’s newspapers

Wednesday June 7, 2017

Yuan swap deals stuck with 21 Belt and Road countries: PBOC

The People’s Bank of China Deputy Director Yin Yong said 21 countries along the Belt and Road Initiative has signed deals to implement currency swaps with China at an estimated value of 982.2 billion yuan (US$144.51 billion dollars) in a Caixin report on Tuesday night. Belt and Road countries were positive over the launch of business such as promoting offshore yuan financial centres, Yin added.

Chinese firms’ investments overseas soar 148% in 2016

Chinese companies invested US$215.8 billion overseas in 2016, a 148% increase from a year earlier, National Business Daily said on Tuesday, citing a joint Hurun Research and DealGlobe report. The US was the most attractive investment destination, followed by Hong Kong and Germany.

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12 departments to regulate rare earths mining

A new joint supervisory team comprising 12 ministries and government agencies would punish mining companies for illegal production of rare earths, China News reported. They include the National Development and Reform Commission and the ministries of Industry and Information Technology as well as Land and Resources.

LeEco firms face five lawsuits for failing to pay US$8.83 million

An advertising agency’s parent company filed five lawsuits against subsidiaries of founder Jia Yueting’s Chinese conglomerate LeEco for failing to pay more than 60 million yuan in fees, Caixin reported. The LeEco subsidiaries named in the suits include LeSport, video website Le.com and an e-commerce affiliate.

Transactions on new homes in Beijing shrink

Some 2,912 contracts for new homes in the capital were signed in May, a 38% decrease from a year earlier, marking the fourth month this year of transactions falling below 3,000, the Beijing Daily reported. Around 90% of the purchases were homes outside the fifth ring road in the city.

Half of the world’s green cars made in China

Production of electric vehicles in the country exceeded 500,000 by the end of last year, with more than 1 million units, which accounts for 50% of the world’s inventory, Xinhua said, citing the Ministry of Technology.

Air quality in 254 cities fail to meet national standards in 2016

A Ministry of Environmental Protection report showed 254 out of 338 cities at prefecture level and above failed to meet new air quality standards set in January last year, China News reported.

First O2O charity shop opens in Shanghai

The first O2O charity shop opened in Jing’an district in Shanghai, offering donated goods at 50% to 70% of the normal retail price, the Paper reported. Jing’an district will try to expand the business to other communities.

Hubei to clamp down on high prices in airports, railway stations

Authorities will fine shops in closed areas of Hubei, such as airports and railway stations, 50,000 yuan if they sold goods at excessively high prices, Xinhua reported, which was part of new rules to prevent price gouging.