China Digest

Economics and policy from China’s newspapers

Friday June 9, 2017

Rail freight volume up 14.7% in first five months this year

Freight volumes rose 14.7% to 1.2 billion tonnes in the first five months of 2017, a rise of 14.7% from the same period a year ago, China Railway Corporation said. Housheng think tank analyst Zhao Yayun said the increase shows the real economy was vibrant, offsetting the bad debt and overheated housing market issues of March and April, Securities Daily reported.

Shenzhen housing fund center kept US$50 million in fees

The Audit Bureau of Shenzhen revealed that the provincial Housing Provident Fund Management Center failed to send more than 326 million yuan (US$50 million) in fees to the treasury department from 2011 to 2015, Caixin reported. The center also failed to follow rules when it withdrew more than 30 million yuan.

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70.6% companies in Beijing-Tianjin-Hebei area failed in environmental assessment

The Ministry of Environmental Protection said that in the past two months, 70.6% of 19,517 companies in Beijing, Tianjin, Hebei and adjacent areas failed environmental standards when assessed, China News reported. The ministry also said 296 out of 457 companies failed an environmental assessment on June 7.

54 farmers paid in first performance insurance case

Around 54 farmers in Chengdu, Sichuan province, received a total of 317,500 yuan in compensation from the first performance guarantee insurance case, the Economic Information Daily reported. Chengdu set up the insurance to help rural owners recoup losses if tenants fail to fulfill contracts on land use.

US$187.44 billion worth of homes sold in first five months

A record 1.27 trillion yuan in property sales at 21 listed real estate firms were completed in the first five months of 2017, rising 61.67% from a year earlier, Shanghai Securities Journal reported on Friday. The top three – Country Garden, Vanke and Evergrande – contributed more than half of the sales valued at 655.24 billion yuan.

ChemChina takeover of Swiss giant Syngenta complete

China National Chemical Corporation said on Thursday it had completed the purchase of Syngenta and now owned 94.7% of the Swiss agribusiness, Yicai reported. The deal was the largest overseas merger and acquisition in the country, passing US and EU security and anti-monopoly reviews.

25 entertainment news accounts suspended on WeChat

Tencent’s Wechat suspended 25 popular entertainment news accounts on June 8, a day after Sina deleted Weibo accounts of well-known paparazzi, China News reported. The Wechat accounts included BAZAAR and Southern Entertainment Weekly. Beijing’s Office of Cyberspace Affairs told Tencent and Sina to restrict accounts on June 7 due to so-called complaints.

7 million potential immigrants for China

American research consultancy Gallup found China has edged into the top 20 of the most wanted countries for migrants, Sina Finance reported. An estimated 7 million people want to move to the country.