China speeds up construction of major water conservancy projects -- China has been speeding up construction of major water conservancy projects since the beginning of the year. According to report by Economic Daily, China has kicked off construction of eight new key projects so far this year. The total number of water conservancy projects under construction has been thus added up to 130, involving investment of more than 1 trillion yuan. Among the 130 projects, 19 projects have been basically completed and put into service.
S. China's Hainan invites global planning for Haikou Jiangdong New Area -- South China's Hainan Province has announced to invite global planning and design institutions to participate in the planning and design of the newly-approved Jiangdong New Area in Haikou, capital of the island province. The Haikou Jiangdong New Area will serve as a centralized exhibition area for the construction of China (Hainan) Free Trade Pilot Zone. The Haikou Jiangdong New Area, with a total area of 298 square kilometers, is located in the east coast of Haikou, consisting an ecological function area of 106 square kilometers in the east, and an industrial-city integration area of 192 square kilometers including airport industrial park area, Guilinyang National Tropical Agricultural Park, Guilinyang College Area and residential quarter in the west.
China, UPU sign letter of intent for Belt & Road cooperation -- The State Post Bureau of China has recently signed a letter of intent with the International Bureau of the Universal Postal Union (UPU) in Addis Ababa, capital city of Ethiopia for cooperation under the Belt and Road Initiative. According to the letter of intent, the two sides will jointly promote the construction of the international railway mail transport mechanism under the framework of the Belt and Road Initiative and improve the interconnection of the international postal network. The Chinese government attaches great importance to the cooperation with the UPU. China will continue to actively participate in the UPU governance and maintain the stable operation of the international postal multilateral system, said Ma Junsheng, head of the State Post Bureau.
China adopts e-commerce law to improve market regulation -- China's top legislators on Friday passed an e-commerce law aimed at improving regulation over the flourishing market. It was adopted after a fourth reading at the bimonthly session of the Standing Committee of the National People's Congress that ended on August 31. The law, which is set to "protect legal rights and interests of all parties" and "maintain the market order," requires all e-commerce operators to fulfill their obligations to protect consumers' rights and interests as well as personal information, intellectual property rights, cyberspace security and the environment. The law will take effect on Jan. 1, 2019.
China drafting guideline for dev. of western regions with focus on transport -- The National Development and Reform Commission (NDRC), China's top economic planner, is drafting a guideline for development of the western regions, the Xinhua-run Shanghai Securities News reported on August 31. The guideline will be a roadmap for development of the western regions in next 10 to 15 years, according to the NDRC. China will actively support the western regions to deepen reform of the state-owned enterprises, effectively participate in the Belt and Road construction, improve the construction of transportation infrastructure, and build the free trade pilot zones well, according to Xiao Weiming, an official of NDRC.
S. China's Guangzhou introduces measures for finance opening-up -- South China's Guangzhou City has recently released a guideline to expand its opening-up in the financial sector, the Shanghai Securities News reported on September 6. The city has introduced ten major measures to implement the opening-up. It will ease foreign investment access restrictions, lower the entry threshold for Hong Kong-funded and Macao-funded financial institutions, and improve services for the foreign financial institutions.According to the guideline, Guangzhou will cancel the restrictions on the foreign shareholding ratio of the banks and financial asset management companies, cap the foreign shareholding ratio of securities companies, fund management companies, futures companies and personal insurance companies at 51 percent, and strive to speed up the cancellation restrictions on foreign shareholding of securities institutions. Meanwhile, it will jointly develop offshore financial services with Hong Kong and Macao and explore the establishment of an account management system that is compatible with the construction of Guangdong-Hong Kong-Macau Greater Bay Area, said the guideline.
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