China aims for global leader in science by mid-century -- The Chinese government on January 31 announced a plan to increase support for basic science, aiming for China to lead the world in science and innovation in about 30 years. The government will improve planning for basic research, build more high-quality state laboratories, train young talent, boost international exchanges, and increase funding from more sources, according to a guideline issued by the State Council.
Shanghai looks to attract more overseas tourists -- Shanghai plans to improve tourist services to attract more overseas travelers, local tourism authorities said on January 31. In 2017, Shanghai welcomed 318 million domestic visitors and 8.7 million overseas tourists, according to the Shanghai Municipal Tourism Administration. The city aims to attract 9 million overseas visitors in 2020, said Xu Weiwan, head of the administration.
China to better safeguard private data with new regulation -- A regulation on personal information security was published online in late January and will take effect in May. The regulation, drafted by the National Information Security Standardization Technical Committee and General Administration of Quality Supervision, Inspection and Quarantine, has for the first time given a clear definition of "sensitive personal information." According to the regulation, if the leaking or misuse of the data can endanger the safety of the person or his/her property, or hurt the reputation, physical or mental health of the person, it should be regarded as "sensitive" and protected. Such data ranges from property information, health records, online and offline ID to mobile numbers, browser history and movement tracking.
China to attract private capital to create new forest farms -- China will encourage private capital in the creation and operation of three large forest farms, the country's top economic planner said on January 29. From 2018 to 2025, China will pilot three large tree farms in the upstream region of Baiyangdian Lake of Xiongan New Area, in Hunshandake Sandland of the northern Inner Mongolia Autonomous Region and Huangshui River Basin in western Qinghai Province, according to a document released by the National Development and Reform Commission.
Shanghai to add more free trade accounts -- Shanghai will add more free trade accounts, a measure aimed at easier financing for companies in the city. A total of 70,000 free trade accounts have already been opened in Shanghai and total financing exceeded 1.1 trillion yuan, said Ying Yong, mayor of Shanghai, on January 29. The accounts became operational starting from 2014 in the free trade zone in Shanghai, located in the Pudong New District. Companies registered in the FTZ use the accounts for financing, investment and other cross border transactions.
China to deepen certification and accreditation cooperation mechanism under B&R -- China will deepen the certification and accreditation cooperation mechanism under the Belt and Road Initiative, according to Liu Weijun, Deputy Director of the Certification and Accreditation Administration of the People’s Republic of China (CNCA) at a recent meeting. By the end of 2017, China had joined 21 international certification and accreditation organizations and signed 13 multilateral mutual accreditation agreements and 117 bilateral mutual accreditation documents. It has seen its international mutual accreditation cover more than 95 percent of the global economy.
China tightens regulation over use of insurance funds -- China's insurance regulator said on January 26 newly revised rules will tighten regulation over the use of insurance funds and better serve the real economy. The new rules, coming into force on April 1, will step up scrutiny over the overseas investment of insurance funds, said Jia Biao, deputy head of the insurance fund management regulatory department of the China Insurance Regulatory Commission (CIRC).
Beijing to further open up financial sector to foreign investment -- Beijing welcomes international financial institutions to set up exclusively foreign-owned financial enterprises or financial joint ventures in 2018 to further open up the capital's financial sectors, according to a government report released at the ongoing local parliamentary session. The move will help Beijing build itself into an international financial management center, said Huo Xuewen, head of the Beijing Municipal Bureau of Financial Work. The added value of Beijing's financial sectors reached nearly 341 billion yuan (53 billion U.S. dollars) in the first three quarters of 2017, accounting for 17.4 percent of the city's gross domestic output.
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