Social security fund’s 2016 performance worst in 5 years
The return on investment of the country’s social security fund fell 1.73% in 2016 from 15.19% in 2015, sinking to its lowest point in five years, Caixin and Securities Times reported on Tuesday evening. A National Council for Social Security Fund spokesman said it would take a “safety first” approach and “control risks. Both reports did not explain the drop. The annualized return stood at 8.37% over the past 16 years.
Premier Li Keqiang says reforms vital to cut red tape
In a teleconference with the State Council, Premier Li Keqiang emphasized that the government would ensure measures are implemented to delegate power, improve regulation and optimize services to streamline administrative procedures, Xinhua reported. He said eliminate unnecessary approvals and strengthen rules to modernize the administration.
NDRC plans to change rules on issuing overseas bonds
Insiders say the National Development and Reform Commission plans to modify regulations on issuing overseas bonds with companies expected to file a report on their proposal instead of just registering their intent, Yicai reported. The report system would reduce the difficulty in gaining approval, insiders said.
Guangzhou banks tighten mortgage interest rates
Commercial banks in Guangzhou raised the interest rates on first home loans to either 10% or 20%, as the property market remained hot, Sina Finance reported. Interest rates at the city’s five major state-owned banks remained the same, it added.
27.81% jump in insurance premium income for first four months
The China Insurance Regulatory Commission said premium income rose 27.81% year on year to more than 1.799 trillion yuan (US$264 billion) from January to April 2017, the Economic Information Daily reported on Tuesday evening. The balance of operating funds stood at 14.152 trillion yuan in same period, a 5.68% increase compared to 2016.
5G network set to create 8 million jobs
The establishment of 5G networks across the country is expected to generate 6.3 trillion yuan and create 8 million jobs by 2030, Caixin reported, citing data released by the China Academy of Information and Communications Technology.
VAT exemption on small loans to rural residents
Value-added tax on interest revenue from small loans to rural residents will be lifted for two years, a Ministry of Finance and the State Administration of Taxation notice said in an Economic Information Daily report on Tuesday evening. The VAT exemption for financial institutions takes effect from January 1 this year to December 31, 2019.
July launch for trading in crude oil futures contracts
Trading on crude oil futures contracts on Shanghai’s International Energy Exchange is expected to start in July, the Paper reported. Investors have been allowed to open accounts ahead of the launch since June 13.
Production of Kweichow Moutai to double in September
Kweichow Moutai aims to double production of its liquor for the Mid-Autumn Festival in September and Golden Week in October, The Paper reported. The firm aims to prevent prices rising during the holiday season. The price soared to 1,300 yuan a bottle in mid-April this year.