Li Keqiang urges caution over 2017 monetary policy
Chinese Premier Li Keqiang has called for maintaining a proactive fiscal policy and prudent monetary policy in order to prevent uncertainties in the international community, the Shanghai Securities Journal reported. The government should also encourage innovation and optimize the business environment, the report said.
CSRC convicts 25 fund managers for insider trading
The China Securities Regulatory Commission has expanded its scope of law enforcement and prioritized insider trading cases, Caixin reported, quoting CSRC spokesman Gao Li. Since 2014, it has launched more than 80 investigations encompassing more than 80 billion yuan (US$ 11.76 billion) in transactions. The operations resulted in the conviction of 25 fund managers and barred another 15 from practicing in financial markets.
Main and second board market issuance combined
The China Securities Regulatory Commission announced on Friday it has combined its Main Board and Second Board Market Issuance Examination Committee, Yicai reported. Enterprises with innovative and entrepreneurial values in the future could choose whether to be listed on the main board, second board or the small and medium-sized board, the report added.
Shanghai to push more housing for residential leasing
Shanghai plans to launch 700,000 sets of housing for residential leasing during the 13th five-year plan, 1.5 times the amount of planned commercial housing in the city, Caixin reported. Housing for residential leasing will account for 1,700 hectares during the 13th five-year plan, 31% of the total supply.
Shenzhen to boost construction of affordable housing
Shenzhen plans to build 80,000 affordable homes by the end of this year, the Paper reported, citing an announcement by the Shenzhen City Planning and Land Resources Committee. It also plans to increase the intensity of real estate regulation and push urban renewal and relocation.
COSCO in US$6.3 billion global container merger
COSCO Shipping Holdings Co Ltd has offered to buy Orient Overseas International Ltd (OOIL) for HK$49.23 billion (US$6.30 billion), in a deal that would see the state-owned company become the world’s third largest container liner, Yicai reported. The offer is dependent upon the satisfaction of pre-conditions, which include the necessary regulatory approvals as well as approval from COSCO Shipping Holdings shareholders.
CMB and JD Finance launch student credit card
China Merchants Bank and JD Finance have launched a credit card to help college students with online loans, combining internet finance with e-commerce tech, Caixin reported. Insiders said the bank would assess college students’ loan demand and repayment ability and filter qualified students through a joint risk control system.
Northwest China joins high-speed railway network
A new high-speed railway line linking Baoji, in Shaanxi Province, with Lanzhou, capital of Gansu Province, started operation on Sunday, marking northwest China’s entry into the national network, the Securities Times reported. The railway goes through eight stations over the 400 kilometer journey and travels at a speed of 250 km/h.
Combustible ice mining in South China Sea sets record
The country completed a 60-day trial of mining gas hydrates, commonly known as combustible ice, in the South China Sea, the Economic Information Daily reported. The mining operation produced over 300,000 cubic meters of gas in waters 320 kilometers southeast of the Pearl River estuary and set world records in both the length and total amount of extraction, according to the China Geological Survey Bureau.