As we report in our round-up of market-moving stories from Chinese-language media, Beijing has identified 2,041 state-owned companies as “zombie enterprises”. According to the Economic Observer, the State Assets Supervision and Administration Commission has announced that an estimated 3 trillion yuan in government funds will be needed to bail out such companies.
Chinese officials say more countries are looking to join a China-led trading bloc after Donald Trump’s election victory raised fears the United States would scrap free trade deals. Pacific Rim regional leaders said at a summit meeting of the Asia-Pacific Economic Cooperation (APEC) group in Peru that they wanted to push ahead with the 12-nation Trans-Pacific Partnership (TPP) trade deal despite the US president-elect’s promise to pull out of it.
China’s Anbang Insurance Group Co is in talks to buy as much as US$2.3 billion worth of Japanese residential property from the US-based asset manager Blackstone Group, two people involved in the discussions have told Reuters. The transaction would be Japan’s biggest property deal since the global financial crisis.
Philippine President Rodrigo Duterte will issue an executive order declaring part of the disputed Scarborough Shoal a marine sanctuary off-limits to all fishermen, a move his office said was supported by his Chinese counterpart, Xi Jinping. Duterte will make a unilateral declaration barring fishermen from exploiting marine life at a tranquil lagoon that has been central to years of bitter squabbling, and the basis of an arbitration case brought and won by the Philippines.