China Digest

Economics and policy from China’s newspapers

Tuesday September 12, 2017

Former Shenzhen deputy mayor suspected of bribery

Lyu Ruifeng, the 62-year-old former deputy mayor of Shenzhen, is suspected of taking bribes and is under investigation by the Municipal People’s Procuratorate in Jiangmen City, Guangdong Province, Caixin reported.

Securities regulator to further crack down on ‘errant companies’

The head of the China Securities and Regulatory Commission (CSRC), Liu Shiyu, hinted on Monday that the commission is looking at amending the corporate governance code for listed companies, China Securities Journal reported on Tuesday.

LeEco subsidiaries placed on list of ‘dishonest persons’

LeEco Holdings (Beijing) Co. Ltd. and Letv Mobile Intelligent Information Technology (Beijing) Co. Ltd., two LeEco subsidiaries, were listed on the Supreme People’s Court’s list of dishonest persons subject to enforcement, the China Securities Journal reported on Tuesday.

New Development Bank BRICS eyes international expansion

Leslie Maasdorp, Vice President and Chief Financial Officer of the New Development Bank BRICS, said the New Development Bank’s next phase of progress will include issuing bonds in international markets and achieving a rating from international credit agencies, Yicai.com reported.

CNBM looks set to merge with Sinoma

China National Building Material (CNBM), a public traded company listed in Hong Kong, is expected to lower its debt-to-net-worth ratio by around 60 percentage points after merging with China National Materials Group (Sinoma), said Cao Jianglin, president of CNBM, Caixin reported.

Demand for dollar rises as yuan’s appreciation slows

As the yuan’s appreciation slowed over the past few days, demand for the US dollar remained stable over the long term, analysts and professionals in China’s finance industry told 21st Century Business Herald on Tuesday.