Shanghai unveils steps to attract foreign R&D centers -- Shanghai authorities have rolled out new measures to woo more foreign-funded research and development centers to the city as part of the efforts to transform it into a global technological innovation hub by 2030. According to the 15-article policy, recently approved by the Shanghai municipal government, high-level foreign R&D centers in Shanghai will be granted the same privileges as regional headquarters of multinational companies. (Source: China Daily)
China to pilot lawyer mediation system -- China will pilot a lawyer mediation system in nine provinces and two municipalities in an attempt to better resolve civil and business conflicts. A new guideline jointly issued by the Supreme People's Court and the Ministry of Justice encourages lawyers to play a more active role as a third party in the mediation process to assist disputing parties in resolving conflicts through negotiation.
China has confidence to prevent systemic risks: PBOC governor -- China has capacity and confidence to control systemic risks while maintaining steady growth, said Zhou Xiaochuan, governor of the People's Bank of China (PBOC) on October 14 in a statement sent to the International Monetary and Financial Committee (IMFC) meeting. According to the central bank official, China has set financial risks control as a top priority, and has taken measures to control risks in shadow banking, reduce corporate leverage, and prevent property market overheating in some areas.
China greenlights first housing rental quasi-REIT -- China recently gave the green light to a new financing product that is based on rental income from apartments in major cities. The new product is modeled on the lines of quasi-Real Estate Investment Trusts (REIT) which are allowed to use securitization techniques to monetize assets and access funding. It would also signal yet another step by China to further develop its real estate market. China Young Professional Apartments, a Beijing-based condominium manager backed by Chinese venture fund SAIF Partners, got the necessary approval from the Shenzhen Stock Exchange to offer 270 million yuan (40.77 million U.S. dollars) of asset-backed securities to retail investors. (Source: China Daily)
Easing regulation helps China's second-hand car market -- China has had strong sales of second-hand cars since 2016 when authorities loosened regulation of the market. In 2016, second-hand car trade volume hit more than 10 million units, up 10.3 percent year on year, the China Association of Automobile Manufacturers said. In the first eight months of 2017, trade volume of second-hand cars exceeded 7.89 million units, increasing 20.85 percent on the same period in 2016.
China cuts govt spending on vehicles -- China's central authorities have cut the number of government vehicles by 61.8 percent in the past five years, the National Government Offices Administration said on October 17. From 2012 to 2016, central authorities have reduced the number of government vehicles by 3,868, of which 2,046 have been sold by public auction, according to a statement released by the administration. In 2016, the central government spending on receptions was 419 million yuan (63.6 million U.S. dollars), 72.3 percent less than 2012, according to the statement.
E-commerce sheds new light on China's poverty relief -- On the Ministry of Commerce (MOC) website, a digital map of China shows impoverished rural areas and provides links to online stores backed by local governments. The MOC plans for the program to cover all national-level impoverished counties suitable for developing e-commerce by 2019. As the poverty alleviation efforts are in full swing, e-commerce is expected to play an even greater role.
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