Local governments told to speed up issuing special bonds -- China's Ministry of Finance on August 14 ordered local governments to speed up the issuance and use of bonds for designated purposes. The move aims to make better use of the special bonds to stabilize investment, expand domestic demand and improve weak links, according to a document on the ministry website. Finance departments at different levels should work with other authorities to speed up the preparation for special bond issuances.
China to increase transparency of Internet finance industry, association -- China will increase transparency of the Internet finance industry and further protect the legitimate rights and interests of financial consumers, in response to the recent withdrawals of some online lending platforms, according to the National Internet Finance Association of China (NIFA). A good information disclosure environment is needed to improve the transparency of online lending institutions, said the association. Earlier, in June 2017, the NIFA built a national registration and disclosure service platform for the Internet financial institutions. As of the end of June, 119 online lending member institutions had accessed the platform and regularly disclosed their information.
China bans capacity expansion in cement, glass sectors -- Chinese authorities have called for efforts in preventing new capacities in cement and flat glass industries as the government remains firm in its drive to cut capacity. On the back of the government's efforts to cut capacity, the two sectors have seen improved profitability, which prompted certain regions to expand their capacity, according to a notice released by the Ministry of Industry and Information Technology and the National Development and Reform Commission. In light of the emerging trends, the notice strictly banned any approvals of new construction projects as the oversupplied situation in the two industries remained "grim". The move is the latest sign of the government's determination to regulate overcapacity after its successful efforts in cutting capacity in recent years helped support economic growth.
Lhasa uses favorable policies to boost commerce, investment -- The government of Lhasa, capital of southwest China's Tibet Autonomous Region, is using favorable policies to attract investors and boost employment. The city government of Lhasa signed contracts with 34 investors Sunday, with the contracts worth 8.3 billion yuan (about 1.2 billion U.S. dollars). The contract signing ceremony was held during the traditional Shoton Festival, or Yogurt Festival, which began Saturday and runs until Aug. 17. Most of the investors are in the agriculture, tourism and culture sectors, said Fang Guilin, vice mayor of Lhasa. Various types of industries are developing robustly in Lhasa, bringing quality economic growth and improving people's lives. The city government has unveiled favorable policies to maintain the growth momentum, he said.
China gives insurance subsidies to major grain crops' seed production -- China has included the production of rice, corn and wheat seeds into a fiscal subsidy program for agricultural insurance. Farmers, rural cooperatives and companies engaging in the production of the seeds will be subsidized by the central government on their agricultural insurance premiums, according to a document released by the Ministry of Finance, Ministry of Agriculture and Rural Affairs, and China Banking and Insurance Regulatory Commission. The move aims to "promote long-term, sustainable development of the seed industry, ensure stable seed supply for major grain crops and safeguard national grain security."
C. China's Hubei to invest RMB1.3trln for green dev. in Yangtze River economic belt -- Central China's Hubei Province will invest a total of 1.3 trillion yuan (about 190.2 billion U.S. dollars) to promote green development in the Yangtze River economic belt, according to local provincial government on August 8. Hubei will accelerate the development of green industries, promote construction of green livable towns, vigorously develop green finance, and support the development of green trading platforms. Meanwhile, it will promote tourism development along the Yangtze River in the Province and strive to build itself into a core area for tourism in the Yangtze River economic belt.
China's Hebei accelerates development of e-commerce -- North China's Hebei Province has recently unveiled an action plan to accelerate the e-commerce development in the period from 2018 to 2020, according to the local authority. According to the plan released by Hebei Department of Commerce, in 2018, Hebei Province will cultivate 30 e-commerce demonstration bases at provincial and above level and 50 e-commerce demonstration enterprises at provincial and above level. In 2018, Hebei will make efforts to have three platforms each with annual e-commerce transaction volume of 10 billion yuan (about 1.46 billion U.S. dollars), 15 platforms with annual e-commerce transaction volume of 1 billion yuan, and 30 platforms with annual e-commerce transaction volume of 100 million yuan.
China improves legal support for reform, opening-up in Hainan -- The Supreme People's Court (SPC) has issued a circular on enhancing legal support for comprehensive reform and opening-up in the island province of Hainan, said a statement from SPC on August 9. To advance the establishment of the pilot free trade zone and a free trade port with Chinese characteristics on the island, the SPC stressed the importance to improve the implementation of trials to ensure a legal, international and convenient business climate and a fair, open and unified market in Hainan. The circular underscored the significant role of justice in protecting intellectual property, and the SPC supports the idea of establishing an intellectual property court and an international intellectual property exchange on the island.
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