China Digest

Economics and policy from China’s newspapers

Friday September 1, 2017

BRICS Summit to push pragmatic partnerships

The upcoming BRICS Summit is expected to achieve “seven results” and push pragmatic cooperation between BRIC countries to new heights, said Zhou Qiangwu, Director of the International Finance and Economics Center of the Ministry of Finance, the 21st Century Business Herald reported.

Coolpad CEO Liu Jiangfeng resigns

Liu Jiangfeng, CEO of the Chinese smartphone manufacturer Coolpad, stepped down from his position on Thursday, Yicai reported, citing an inside source. Liu first posted a mobile phone product advertisement in his wechat circle, and soon after revealed in another post that Thursday will be his last day at Coolpad.

PBOC alters policy on long-term negotiable certificates

The People’s Bank of China (PBOC) announced on Thursday that it will not allow commercial banks to issue long-term negotiable certificates of deposit (NCDs) of more than one year, effective on Friday, the China Securities Journal reported.

Lianjia to hold 10% of 21 Century franchise

Real estate agency Lianjia, otherwise known as Homelink, and 21 Century announced a “strategic investment agreement” on Thursday that will see Lianjia hold 10% of fully diluted shares in 21 Century, the 21st Century Business Herald reported.

Xi to enjoy more power at fall party congress

Chinese President Xi Jinping is expected to solidify his power as the 19th National Congress of the Communist Party of China (CPC) is set to kick off on October 18.