China Digest

Economics and policy from China’s newspapers

Friday June 23, 2017

Sina Weibo share price slumps 10% in New York

US-listed Sina Weibo’s share price slumped 10% in New York on Thursday, after the microblogging site had to halt services for failing to secure a permit to publish audio and visual programs, the Paper reported. The State Administration of Film and Television told Sina Weibo, ACFUN and IFENG.COM to stop publishing content, Caijing reported.

Wanda quashes rumours on ‘share dump’

Wanda Film Holding Co Ltd shares can trade on the Shenzhen Stock Market on Friday, a day after the price dropped by almost the 10% daily limit that would trigger a suspension, the Shanghai Securities Daily reported. Late on Thursday, Wanda Group said China Construction Bank had never issued a notice to dump its shares and online rumors were not true.

Mixed ownership reform in energy sector to speed up

The State Grid planned to raise more than 10 billion yuan (US$1.46 billion) from private investors and promote state-owned listed companies to accelerate reforms on mixed ownership in the energy sector, the Economic Information Daily reported.

HK top city for livable, sustainable competitiveness in 2016

Shenzhen, Hong Kong and Shanghai were the top three cities, respectively, in overall economic competitiveness in 2016, the National Academy of Economic Strategy said. But Hong Kong was the top city on livable and sustainable competitiveness.

Online reporting for certification industry

An online reporting system for testing and certification of goods will be set up to stop counterfeiting and promote public trust, the Certification and Accreditation Administration and Shanghai Entry-Exit Inspection and Quarantine Bureau said in the Economic Information Daily on Thursday.

Revenue from land sales exceeds US$14 billion

Total revenue from land sales exceeded 100 billion yuan in Beijing so far this year after two deals worth 12.66 billion yuan were struck on Thursday, the Economic Information Daily reported. The two plots were for residential buildings in low density areas.

Three state-owned banks in tie-ups with internet giants

Bank of China said on June 22 that it had established a strategic cooperation with Tencent, the Securities Daily reported. It follows similar deals struck between Agricultural Bank of China and Baidu on June 20 as well as ICBC and on June 16. Analysts believe the tie-ups will transform the financial industry, but rules were needed to protect personal privacy, it added.

Hebei holds nation’s first coal production capacity auction

Around 932 million tons of coal production capacity in Hebei province was sold to nine coal enterprises in Shanxi, Shaanxi and Inner Mongolia at the country’s first such auction, the Securities Daily reported. The average transaction price was 181.01 yuan per ton, it added.

Sixth decline forecast in oil prices this year

Industry agencies expect the domestic retail price of refined oil will see a sixth drop this year to 270 yuan per ton, China News reported, as international prices continue to fall. The next oil pricing cycle will begin on June 23 at midnight Beijing time.

Crack down on underground banks, says Pan Gongsheng

Departments should continue to deepen reform and strengthen supervision as well as crack down on illegal activities such as underground banking to safeguard a stable foreign exchange market, Sina Finance reported, citing Pan Gongsheng, director of the State Administration of Foreign Exchange in a forum.