China announces special rules on policy banks -- China's banking regulator released special rules for the country's three policy banks for the first time on November 15, featuring a capital restraint mechanism to strengthen risk control.
Since their establishment in 1994, there have been no special regulatory policies on the banks, namely China Development Bank (CDB), the Export-Import Bank of China (China EximBank) and Agricultural Development Bank of China (ADBC), which basically followed the same rules with commercial banks.
New body to oversee key financial policies -- China's newly launched cabinet-level committee, in charge of financial stability and reform planning, is expected to take responsibility for coordinating monetary, fiscal and industrial development policies, to better serve the real economy while avoiding conflicts.
The committee, led by the State Council with Vice-Premier Ma Kai as its head, will have a higher administrative level above the existing financial regulatory structure composed of the central bank and the banking, securities and insurance regulatory commissions, analysts said. (Source: China Daily)
China renews tax exemption to encourage technology imports -- China's Ministry of Finance (MOF) has extended a duty-free policy for technology imports to facilitate a national manufacturing improvement strategy.
An action plan has been released to continue the exemption of tariffs and value-added taxes for purchases of major technological equipment from abroad this year, the MOF said on November 15 in an online statement. Around 2.3 billion yuan (350 million U.S. dollars) is expected to be saved by Chinese importers, according to the statement.
China includes 31 more SOEs in pilot mixed-ownership reform -- China has included another 31 State-owned enterprises (SOEs) in a pilot mixed-ownership reform scheme, an official with the country's top economic planner said on November 15.
The third round of mixed-ownership reform program will involve both centrally and locally administered SOEs, according to Meng Wei, spokesperson of the National Development and Reform Commission.
China widens access to financial markets for foreign investors -- China has specified the measures that will ease or lift foreign investment restrictions in its financial markets.
Foreign businesses will be allowed to own up to 51 percent of shares in joint ventures in securities, funds or futures, Vice Finance Minister Zhu Guangyao told a press conference. The cap will be phased out over three years.
Restrictions on investment in Chinese banks and financial asset management companies will be removed, Zhu said, elaborating on the consensus reached by China and the United States at a meeting on November 9.
China eyes more market-oriented pricing mechanism by 2020 -- China's top economic planner on November 10 released a guideline on deepening pricing reforms, with the aim to establish a more market-oriented, fair and transparent mechanism by 2020.
For the monopolized sectors, the government will gradually loosen its grip and allow producers "reasonable" room for profit, according to the National Development and Reform Commission (NDRC).
Beijing city government to recruit more overseas talent -- Beijing will recruit more overseas talent to work in government, the municipality has announced.
Seventeen posts in Beijing's bureau of finance, intellectual property bureau, administration of cultural heritage and other departments are open to overseas applicants. The posts cover areas including finance, technology, information and environmental protection.
China releases first land cover atlas -- China has published its first land cover atlas, Land Cover Atlas of the People's Republic of China (1:1,000,000), according to the Institute of Remote Sensing and Digital Earth (RADI) under the Chinese Academy of Sciences (CAS) on November 15.
The atlas, in both Chinese and English, provides a comprehensive look at land-surface conditions across China, and records its land cover changes in 1990, 2000, and 2010, a period witnessing rapid economic growth, said the RADI.
China strengthens protection of wetlands along Yangtze -- China will strengthen protection of wetlands along the Yangtze River economic belt to address pollution and reclamation challenges, said a senior forestry official on November 11.
The State Forestry Administration will give more support in wetland restoration and construction of national wetland parks to provinces along the belt, said Wang Zhigao, head of the wetland protection and management center under the administration at an ecological forum in Wuhan, capital of Hubei Province.
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