China Digest

Economics and policy from China’s newspapers

Wednesday August 30, 2017

Shenzhen seeks advice on new housing regulations

Shenzhen issued new housing regulation drafts in order to support standardized development of its leasing market, the 21st Century Business Herald reported. The drafts are now seeking further advice from the public, groups and various departments. As a first-tier city with constant shortages of land resources and the largest leasing market size throughout China, Shenzhen has shown “great determination in increasing its rental housing supplies,” the report said.

China moves to regulate ICO tokens amid concerns

The cumulative financing scale of China’s domestic Initial Coin Offering (ICO) has reached 2.616 billion yuan in the first half of this year, Yicai reported, citing an official report. The rapid development of this new type of internet financing model has aroused concerns from China’s top regulator. The China Securities Regulatory Commission has recently started seeking opinions on regulating ICO projects, especially those with the potential of scams and frauds, Yicai reported, quoting a top executive in China’s blockchain technology business.

Funds post more than US34 billion combined profits

A total of 5,769 publicly offered funds posted a combined profit of 225.19 billion yuan (US$34.13 billion) for the first half this year, a sharp increase from a loss of 232.69 billion yuan in the same period last year, China Securities Journal reported, citing figures from Chinese brokerage TX Consulting Investments. The bump in profits has been led by currency funds, of which the 596 funds posted 79.41 billion yuan in profits for the first six months this year, the report said.

China’s advanced 5G network set for adoption in 2020

China’s three main telecommunications companies are proceeding smoothly with a 5G pilot in major cities such as Shanghai and Beijing, the state-owned Economic Information Daily reported, citing unspecified sources close to the telcos and the communications ministry. From the later half of this year, China Mobile, China Telecom and China Unicom will start the 5G pilot in major cities such as Beijing, Shanghai, Chongqing, Nanjing, Suzhou and Ningbo, the report said. Around 10 cities from provinces such as Jiangxi, Hainan, Shanxi, Shandong, Hebei will also be selected for the pilot.