China Digest

Economics and policy from China’s newspapers

Monday June 26, 2017

Iron, steel SOEs breach production rules

Non-ferrous metal, iron and steel state-owned enterprises violated regulations on expanding production, Yicai reported. The National Audit Office inspected 2015 annual financial revenues and found these SOEs performed weak risk management on investment decisions.

Over 400,000 affordable homes left vacant

A total of 401,100 affordable homes had been left vacant for more than a year in 31 provinces, with 128,700 of them not used due to delays in supporting infrastructure such as access roads, Yicai reported, citing a 2016 audit report of 2016 development projects. Around 272,400 were vacant because of remote location and improper design.

Wealth management market to break US$32 trillion mark by 2020

Industry experts at a global private equity summit at West Lake in Hangzhou say the wealth management industry is set to go past the 220 trillion yuan mark (US$32.17 trillion) by 2020, the Economic Information Daily said on Sunday.

Inactive accounts at China Merchants Bank will be closed

China Merchants Bank will close personal accounts on July 15 that have had no transactions for more than six months, Xinhua reported. The People’s Bank of China issued a notice in September 2016 to limit individuals to one type of account in each bank and suspend counter services for accounts that had been inactive for more than six months.

Guangzhou’s first 5G base station up and running

The first 5G base station was launched on June 24 in Guangzhou ahead of the Mobile World Congress Shanghai from June 28 to July 1, the Shanghai Securities Daily reported. 5G is a fifth-generation mobile network, allowing a higher density of broadband users, and supports device-to-device and massive machine communications.

Improved high-speed trains launched

Two Fuxing Hao Express trains were launched on June 26 that will offer improved high-speed rail services between Beijing and Shanghai, providing commuters smartphone charging services and wifi, the Paper reported. National operator China Railway Corporation owns the intellectual property rights on various technologies developed for the train, whose name is translated as the Rejuvenation Express, which took five years to build.

Bilibili to require real-name registration for video sharing

The Bilibili video-sharing website themed on anime, manga and fandom videos will require users who upload their own content to register their real names from July 5, the Paper said. Fandom videos form a huge part of the website and the move is to comply with new rules as authorities crackdown on the online video services industry, the report added.

Property price curbs in Luoyang city

Luoyang city authorities in Henan province told 93 developers that their new home prices cannot exceed the market average before May 9 this year, the Paper reported on Sunday. New home prices are expected to follow those in surrounding areas, it added.

Beijing’s 27,754 quota on electric cars filled in 2017

The 27,754 quota on electric cars for private use in Beijing had been filled and nearly 30,000 people had already registered for next year’s quota, reflecting high demand for green vehicles, Xinhua reported on Sunday.