China to boost imports for balanced trade -- China has vowed to increase imports and cut import tariffs on some products to promote balanced trade as part of its effort to push forward a new pattern of all-round opening up. The country will expand free trade zone pilot areas and guide foreign investors to operate in the country in an efficient way, according to a statement released after the Central Economic Work Conference which concluded on December 20. According to the statement, the country will push for nationwide implementation of a pre-establishment national treatment system as well as a negative list which determines where foreign participation is prohibited or limited. The negative list will become shorter and shorter, it said, adding that the country will improve laws and regulations and enhance protection of intellectual property.
China orders stronger regulation of natural gas pricing as demand surges -- China's top economic planner on December 19 ordered local authorities to strengthen regulation on the pricing of heating and natural gas during upcoming holidays as demand surged. The National Development and Reform Commission (NDRC) said in a statement that the heating prices for households converting from coal to gas should be regulated more strictly during the New Year and the Spring Festival. Authorities should punish those who fabricate and spread information on price hikes, engage in price rigging and fixing, or make arbitrary charges for installing heating equipment, the NDRC said. The move came amid surging natural gas demand in China as millions of households switched to gas from coal for heating this winter to help combat air pollution.
China vows continued crackdown on financial irregularities -- China will continue to crack down on irregular and illegal activities in the financial sector to forestall risks, said a statement issued on December 20 after the Central Economic Work Conference. In the coming three years, China will seek to foster a "virtuous circle" between finance and the real economy, between finance and the property sector as well as one within the financial system, to serve the country's supply-side structural reform, according to the statement. Prevention of financial risks is key for China to win what central authorities have called "the three tough battles," namely controlling risks, reducing poverty and tackling pollution.
China releases guidelines to regulate outbound private investment -- China's economic planner December 18 issued guidelines for outbound private investment to address problems, including irregular operations, that emerged amid the accelerated global drive of domestic companies. The guidelines aim to guide offshore business operation, Meng Wei, spokesperson of the National Development and Reform Commission (NDRC), said at a press conference. While acknowledging the contribution of private businesses to goods and technology exports and the Belt and Road, Meng said there were also side effects, citing blind decision-making, vicious competition and neglect of quality and safety.
China releases regulative measures on automatic pledge financing -- China's central bank has released measures to regulate automatic pledge financing business to improve financing efficiency and optimize business. The regulation specifies the financing balance limit of different financial institutions, unifies daytime and overnight rates of automatic pledge financing and expands the scope of collateral bonds, said the People's Bank of China (PBOC) in a statement. Automatic pledge financing business is a payment support mechanism for financial institutions. It automatically provides funding when the clearing accounts of financial institutions face a funding shortage.
China to set up 50 bln yuan funds to support B&R projects in ASEAN, Guangxi -- China will set up funds totaling 50 billion yuan (7.6 billion U.S. dollars) to invest in Belt and Road (B&R) projects in southern China's Guangxi Zhuang Autonomous Region and ASEAN countries. The funds will be established jointly by an investment arm of China's policy bank China Development Bank (CDB) and Guangxi Investment Group. They will be used to support infrastructure and industrial projects along the B&R, according to the CDB.
China encourages enterprises to cooperate with educational institutions -- China will allow more enterprises to cooperate with vocational schools and higher educational institutions to further integrate businesses with education, according to a guideline issued by the State Council. The guideline said that China should make transparent entry criteria and streamline administrative approvals for enterprises to work with schools. China will encourage more enterprises to recruit students as interns, the guideline said, proposing that enterprises act as the main body to promote innovation and transform basic research into industrial technology.
Beijing gives green light for self-driving car road tests -- Beijing traffic authorities have given the green light for road tests of self-driving cars in an effort to foster the use of artificial intelligence (AI) for mobility. According to the Beijing municipal commission of transport, only entities registered in China can apply for the road test. The vehicle should be able to switch between self-driving and conventional modes and be equipped with sensors and cameras so its driving behavior and position can be monitored, the commission said.
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