China decides to impose additional tariffs on 16 bln USD of U.S. imports -- China has decided to impose additional tariffs on imported products from the United States worth about 16 billion U.S. dollars, according to an official statement released on August 8. Approved by the State Council, the Customs Tariff Commission of the State Council has decided to impose additional duties of 25 percent on the 16-billion-dollar U.S. products after making proper adjustments to the second part of a list of the products subject to the tariffs. The additional duties will take effect at 12:01 on Aug. 23, 2018.
Local governments in China urged to stabilize real estate market -- The Chinese central government has urged local governments to make efforts to stabilize land and housing prices, and punish those who fail to stabilize the real estate market. At a meeting held by the Ministry of Housing and Urban-Rural Development in northeast China's city of Shenyang, capital of Liaoning Province, on Aug.7, local governments across China were ordered to analyze the problems and major risks existing in their respective housing markets, and implement tailored measures to stabilize the market expectation. Development of the rental market was encouraged to meet various needs of residents, while speculative housing purchases were to be curbed by cracking down on illegal developers and agents, according to the meeting.
China to establish national commission for quantum computing standards -- A Chinese national technological commission for quantum computing and measurement is under construction to promote industrialization of quantum technology. The commission will be built by Jinan Institute of Quantum Technology, and Shandong Bureau of Quality and Technical Supervision. Preparation for the commission is estimated to take six months.
China to crack down on dishonest behavior -- A recent campaign to crack down and eliminate unethical or dishonest behavior has been launched in response to the lack of integrity in various economic and social areas of public concern, according to a statement from the Central Commission for Guiding Ethics and Cultural Progress on August 6. The campaign targets problems including telecom and Internet fraud, falsification of poverty-alleviation projects, plagiarized or falsified published papers, cheating on workplace examinations, and the use of performance-enhancing drugs in sports, according to the statement. In addition to the campaign, China is also aiming to implement its social credit system by 2020. The system strives to use a credit mechanism that combines rewards with punishments to foster a good social atmosphere and promote integrity within the country.
China to further reform forex management -- China's foreign exchange regulator said on August 2 that it will continue to reform its forex management in the latter half of 2018. The country will make the yuan convertible under the capital account in an orderly manner, and protect the interests of foreign investors, said a statement issued after a teleconference by the State Administration of Foreign Exchange. In the latter half, efforts will be made to enrich forex products and instruments, and expand the market access of both domestic and overseas participants to build an open and competitive forex market.
China approves pension target funds -- China has approved the country's first group of pension target funds, allowing mutual funds to play a bigger role in meeting the retirement planning needs of an aging population. Fourteen fund management firms, including China Southern Asset Management Co., Ltd. and China Asset Management Co., Ltd., have obtained approvals for issuing such funds. Pension target funds are mutual funds that encourage long-term holding by investors, adopt mature asset allocation strategies, and control the risk of volatility to seek long-term, stable returns on retirement savings.
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