New committee to oversee financial stability
A Financial Stability and Development Committee will be set up under the State Council to oversee financial growth, Sina Finance reported. Following the two-day National Financial Work Conference, which ended on Saturday, it was also announced that the central bank would play a stronger role in macro-prudential management and guard against systemic risks.
Xi Jinping touts importance of direct financing
Direct financing must be given greater importance, Xi Jinping emphasized at the recent Fifth National Financial Working Meeting. Jiao Wenchao, an analyst from Pingan Securities, echoed those remarks, saying an emphasis on direct financing would improve the trading system of stocks and debts and accelerate the approval of IPOs.
US$40.46 billion to boost Xinjiang economic zone
The northwest autonomous region of Xinjiang, a core area of the Silk Road Economic Zone, has signed 16 loan contracts totalling 154.2 billion yuan and 15 agreements of intention worth 120.3 billion yuan for the development of the economic zone, the Economic Information Daily reported.
Yunnan eyes US$14 billion multi-town project
China’s southwestern Yunnan Province will raise 100 billion yuan (US$14.76 billion) between 2017 and 2019, to support the redevelopment of hundreds of towns bearing local characteristics, the Paper reported. The province expects to develop 25 such towns for local minority groups and 20 towns at the national level by 2019.
Polluters more than triple in the second quarter
The number of enterprises that have failed to meet pollution emission standards in 28 cities, including Beijing, Tianjin and Hebei, has more than tripled to 176,000 by the end of June, compared to 56,000 in the first quarter, Caixin reported, citing data from The Ministry of Environmental Protection. The sources of pollution are mostly small manufacturers in non-ferrous metals, rubber production and tannery.
Ministry to invest US$44.3 billion in water pollution control
The Ministry of Environmental Protection plans to invest 300 billion yuan among more than 3,300 projects in 228 cities to build up a reserve base for water pollution control in 2017, Sina Finance reported.
Chinese consortium wins US$11.6 billion bid for GLP
A Chinese private equity consortium backed by senior executives from Global Logistic Properties (GLP) have won a bid to acquire GLP for 79 billion yuan, marking Asia’s largest private equity buyout, the Economic Information Daily reported. The group included China’s Hopu Investment Management, Hillhouse Capital Group, real estate developer Vanke Group and the financial service investment arm of Bank of China.
Domestic spot steel prices keep soaring
The price for domestic spot steel is steadily increasing due to record-breaking commodity prices and the rising cost of raw material billets, which are small, semi-finished pieces of metal. In Shanghai, Hangzhou and Jinan, alone, spot prices have risen from 10 to 130 yuan within a week. The domestic spot steel composite index closed at 137.83 by the end of last week, increasing 2.49%.
China will import more wheat and rice: report
The total production of grains and edible oils around the world has reached 2.7 billion metric tonnes in 2016, a rise of 0.7% from 2015, according to a report released by the Ministry of Technology and reported by Economic Information Daily. The report also predicts that imports of wheat and rice commodities to China will increase in 2017.
Shanghai tops minimum wage of US$340 per month
Shanghai led the nation with a minimum wage of 2,300 yuan per month, while southern Guangxi Province ranked the lowest at 1,400 yuan, Sina Finance reported. Economically developed coastal regions topped the list as Shanghai, Tianjin, Beijing, Guangdong and Jiangsu ranked top five respectively.