China Digest

Economics and policy from China’s newspapers

Tuesday September 5, 2017

Seven ministries join hands to ban initial coin offerings

Seven ministries, including the Ministry of Industry and Information Technology (MIIT) and the People’s Bank of China (PBoC), said that initial coin offerings are illegal and demanded all fundraising activities to stop immediately, the 21st Century Business Herald reported, citing an official statement issued on Monday.

Shenzhen government aims to boost public rental housing

The Shenzhen government has circulated an online notice seeking public opinion on a new public rental housing policy, highlighting a possible return to a policy 30 years ago of “public rental and not sales,” the state-owned National Business Daily wrote on Tuesday.

Former regulator Yang Jiacai investigated for corruption

Yang Jiacai, the former assistant chairman of the China Banking Regulatory Commission (CBRC), is being investigated by the Supreme People’s Procuratorate for allegedly taking bribes, the China Securities Journal reported.

Banks freeze assets of Jiangsu Protruly 

Jiangsu Protruly Visual Technology Group, a leading electronic visual company in China that also manufactures mobile phones, said on Sunday that HSBC Shenzhen had frozen 72.78 million yuan (US$11.16 million) in assets that the company had raised and deposited at Ping An Bank’s Shenzhen branch, Yicai reported on Monday.