China to promote foreign investment growth -- The State Council, China's cabinet, made public a series of measures for ensuring the steady growth of foreign investment August 16. China should make its foreign investment environment "more law-based, internationalized and convenient" to promote growth and raise the quality of foreign investment, according to a document from the State Council. It will roll out nationwide a negative list for foreign investment that has been tested in pilot free-trade zones as soon as possible.
China to continue implementing prudent, neutral monetary policy -- China will continue implementing prudent and neutral monetary policy to create a neutral and moderate financial environment for supply-side structural reform, the country's central bank said on August 11. The People's Bank of China (PBOC) will combine price-based and quantitative monetary tools as well as macro-prudential policies to fine-tune liquidity conditions, according to the quarterly report released by the PBOC. Developing direct financing will be prioritized, and indirect financing structure will be improved.
China securities watchdog punishes market manipulators -- The Chinese securities watchdog has announced punishments for a market manipulation case. Que Wenbin, the controlling shareholder of pharmaceutical firm Hengkang Medical Group Co., Ltd., conspired with an asset management company to drive up Hengkang shares and reduce his holdings at high prices, the China Securities Regulatory Commission (CSRC) said in a statement.
Belt and Road connect platform launched at Singapore Regional Business Forum 2017 -- Singapore Business Federation (SBF) and China Enterprises Association (CEA) jointly launched the Belt and Road Initiative Connect Platform at the Singapore Regional Business Forum (SRBF) 2017 opening here on August 15. The platform will serve as an online and offline platform to connect various parties interested in Belt and Road Initiatives projects and serve as a facilitator for the regional business community to concretize and implement projects along the Belt and Road route, according to SBF.
China approves 8 IPO applications -- The China Securities Regulatory Commission (CSRC) has approved IPO applications for eight companies. The firms will raise up to 3.3 billion yuan (around 490 million U.S. dollars), the CSRC said. Four of them will be listed on the Shanghai stock exchange, one on the Shenzhen small and medium enterprise board, and three on the ChiNext, China's NASDAQ-style board.
China halts building of coal power plants -- China is holding back on building new coal-fired power plants to avoid risks from overcapacity and promote a clean energy mix. A total of 150 million kw of new coal power generation capacity will see construction halted or postponed from 2016 to 2020, the 13th Five-Year Plan period, according to a statement released on August 14 by the National Development and Reform Commission (NDRC) and other government agencies.
Ningxia launches tax refund for foreign tourists -- A tax refund policy for overseas tourists has come into effect in Ningxia from August 1. Ningxia has designated seven stores to go through tax refunds for the first phase, namely Yinchuan Wangfujing Department Store, Ningxia Guofang Department Store, Ningxia Hualian Department Store, Yinchuan Xinhua Department Store Business Group, Yinchuan Xinhua Department Store Chain Supermarket, METRO JinJiang Cash & Carry and Ningxia Bairuiyuan. At the same time, Bank of China’s Ningxia branch would serve as tax refund agency.
HK-ASEAN FTA reported to be signed soon -- Hong Kong and ASEAN are likely to sign the ASEAN-HK Free Trade Agreements (FTAs) this October, Philstar cited Malaysia’s Second Minister of International Trade and Industry Ong Ka Chuan as saying in a report on August 14. The FTA, which is supposed to be finalized by the end of 2016, has remained unsigned due to some technical problems. Besides being the fourth largest exporting market, ASEAN is HK’s second largest trading partner, only next to mainland China.
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