Jia Yueting quits as chairman of LeEco’s listed unit
The founder of media conglomerate LeEco, Jia Yueting, has resigned as chairman of LeShi Internet Information and Technology, the company said in an exchange filing. Jia will not have any role with LeShi and it’s believed Sun Hongbin of Sunac China was nominated as a non-independent director, the Paper reported. Jia still remains as main controlling shareholder of LeShi, although his assets have been frozen by a court ruling.
PBOC targets market-oriented reforms in 2017
The People’s Bank of China (PBOC) said it would emphasize market-oriented reforms this year, the Economic Information Daily reported, citing the Financial Market Development Report 2016. The country will improve market-oriented interest rate reform, exchange rate formation mechanisms for rmb, will standardize regulation and set up free trade pilot zones.
State Council sets stop trade deadline on gold exchange violations
The State Council group on the rectification of internet financial risks announced it will stop trading in any gold exchange products that are deemed to violate existing regulations and set a strict deadline of July 15 for compliance, Caixin reported. Some peer to peer financing products allegedly violated the private equity of up to 200 people, the report said.
China’s trust industry embroiled in costly complaints
The Securities Times reported on Friday that 32 companies in China’s trust industry were involved in 167 complaints last year. Out of the 32 companies, there were 25 companies involved that had close to 22.8 billion yuan (US$3.35 billion) of funds mired in the complaints filed, the report said. Minmetals International Trust tops the list with 31 complaints with Everbright Xinglong Trust is next with 15 complaints.
Per capita floorage exceeds 40 square meters in 2016
The country’s per capita floorage, an indicator of social progress, stood at 40.8 square meters nationwide in 2016, while the figure was 36.6 square meters in urban districts and 45.8 in that of rural areas, the Economic Information Daily reported. Average annual growth rate of per capita floorage was 2.7% and 5.4% in urban and rural areas respectively compared to 2012.
Natural gas to hit 10% of primary consumption by 2020: NDRC
The National Development and Reform Commission (NDRC) said it believes natural gas will reach 10% of primary energy consumption by 2020, and 15% in 2030, in a joint statement with 13 other government agencies, Caixin reported. This marks an increased focus on natural gas, which now accounts for 6.2% of China’s primary energy consumption.
State Council eyes PPP breakthrough in 2017
Premier Li Keqiang announced in a State Council meeting on Wednesday that it plans to set up more highly qualified public-private partnership (PPP) projects in the following six months to boost investment and financing reform, Sina Finance reported. It’s hoped the actions will attract active social capital to participate in PPP projects.
CFDs in place at Hinkley Point nuclear plant: China General Nuclear Group
The secondary investor behind UK’s Hinkley Point C nuclear power plant, China General Nuclear Power Group, said a “contract for difference” remains in place to protect investors’ initial investment, a day after it responded to rising cost estimates of the project, the Paper reported. France’s EDF, the main backer, had estimated the cost of the plant to increase by 1.5 billion pounds (US$1.95 billion), to which China General said initial estimates were still “too early” and the company remains committed to the project.
Finance ministry cites risks of poverty alleviation schemes
The finance ministry and the agriculture ministry said that government agencies must be “wary” of the risks involved in poverty alleviation finance schemes, the Shanghai Securities Journal reported. Agencies were advised to adequately study the “intricacies” before investing in different schemes and also warned against high risk schemes. The government has stepped up efforts to alleviate poverty with an 80 billion yuan (US$11.76 billion) budget.