China to standardize insurance on credit risks -- To contain risk in the financial sector, China's insurance regulator issued a draft of rules to standardize insurance businesses and cushion against credit risks. Insurers that offer protection against credit risks may have a core solvency adequacy ratio of at least 75 percent in the most recent quarter, while their comprehensive solvency adequacy ratio should stay above 150 percent, according to the draft released by China Insurance Regulatory Commission. Companies that fail to meet the requirement should stop offering new insurance on credit risks, according to the draft.
China proposes "blue economic passages" for maritime cooperation -- China has put forward plans for three ocean-based "blue economic passages" that will connect Asia with Africa, Oceania, Europe and beyond, in a bid to advance maritime cooperation under the Belt and Road Initiative. The proposal was included in "Vision for Maritime Cooperation under the Belt and Road Initiative," which was released on June 20 by the National Development and Reform Commission and the State Oceanic Administration.
China details regulation on statistical work -- The Chinese government has released a regulation on the implementation of the revised Law of Statistics, intended to prevent the falsification of official data. The regulation, released under a decree signed by Premier Li Keqiang, will be effective from Aug. 1, 2017. The regulation calls for standardization of statistical surveys from the source, and lists specifications on how to organize and carry out surveys. Severe penalties will be imposed on officials and staff who intervene in government statistical work and manipulate or fabricate data, according to the regulation.
China greenlights imports of U.S. beef -- China began importing U.S. beef on June 20 in fulfilling its pledge on the U.S.-China 100-day action plan to boost bilateral economic ties. The General Administration of Quality Supervision, Inspection and Quarantine, announced on its website that eligible U.S. beef has been allowed to enter China since June 20. It is the first such move since 2003. The Chinese authority published relevant quality and quarantine details on June 20.
Policies boost entrepreneurship and keep economy ticking over --Tax cuts will be like a shot in arm for corporate China, fueling economic growth as well as forcing the government to keep a tight grip on spending. Vice-Minister of Finance Shi Yaobin outlined the long-term objectives of easing the VAT burden on companies, pointing out that Beijing could cope with reduced tax revenue. "The policy reforms on valued added tax (or VAT) will help promote entrepreneurship by lowering the tax burden," Shi said last week after data showed that fiscal spending slowed in May compared to the previous month. (Source: China Daily)
China takes measures to boost sharing economy -- A guideline to further boost the blossoming of sharing economy was approved at a State Council executive meeting chaired by Premier Li Keqiang on June 21. According to the guideline, the sector will enjoy easier access, greater policy transparency, and better protection of legitimate rights of platform companies, resources providers and consumers. The guideline is aimed to create an enabling environment for sustained innovation.
China, Brazil agree to enhance fiscal, financial cooperation -- Senior finance officials from China and Brazil on June 18 agreed to step up cooperation in fiscal and financial areas to advance bilateral comprehensive strategic partnership. The two sides exchanged views and reached agreement on a range of issues including macro-economic policy, structural reform policy, cooperation under G20 and BRICS frameworks, taxation policy, and financial and investment cooperation.
China to tighten environmental data fraud prevention and control -- Chinese environment authorities will establish a system to prevent and punish environmental data fraud, according to an official. Since environmental monitoring is an important part of technical support in environment management, the ministry will give administrative penalties to people involved in environmental data fraud and transfer them to judicial organs for investigation if necessary, said the official with the Ministry of Environmental Protection.
China mulls policies to encourage green finance development -- China is mulling more ways to encourage banks and private capital to invest in green finance projects, a deputy central bank governor said on June 16. Developing green finance is a global trend and a necessary choice for China's sustainable growth as well as a major move to honor the country's commitment to the Paris Agreement, according to Chen Yulu, deputy governor of the People's Bank of China (PBOC).
China issues guideline on better care for senior citizens -- China's central government on June 16 issued a guideline to better serve the country's senior citizens. The guideline, released by the State Council, China's cabinet, included 20 key tasks concerning the increasing elderly population, such as establishing an electronic database of their health conditions, providing a pension for poor or disabled seniors, increasing access to educational resources, and setting up a long-term care insurance system.
China to expand domestic cloud computing sector -- China is set to accelerate its steps to expand the domestic cloud computing sector, as the cloud computing technology has become a strong support for the manufacturing and internet industry, experts said on June 14. Chen Zhaoxiong, vice-minister of industry and information technology, said ahead of the ninth China Cloud Computing Conference that, with the fast-evolving cloud computing market, the next key step was to seek breakthroughs in core technology research and the application. (Source: China Daily)
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