China invests in riverhead environment -- China has invested some 17.6 billion yuan (2.8 billion U.S. dollars) in improving the Sanjiangyuan area, the source of China's major rivers. Sanjiangyuan in northwest China's Qinghai Province, literally means the "source of three rivers," is home to the headwaters of the Yangtze, Yellow, and Lancang (Mekong) rivers. An ecological protection program began in the area in 2005 with 7.6 billion yuan invested during the first phase. The second phase started at the beginning of 2014 and nearly 10 billion yuan has been spent since then.
Central bank to improve regulatory framework -- China's central bank said on February 6 it would improve the framework of regulation underpinned by monetary policy and macro-prudential policy in 2018. The improvements will be made partly by stepping up supervision over shadow banking and real estate finance to fend off financial risks, according to a statement of the work conference of the People's Bank of China (PBOC), the central bank. Such a regulation, known as a "two-pillar" policy framework, was established in 2017 to better dissolve systemic risk and ensure financial stability. Under the system, liquidity has becomes more stable, cross-border capital flow more balanced and off-balance sheet wealth management products better supervised.
China to disclose drinking water safety conditions this year -- All Chinese cities at the county level or above will disclose safety conditions of drinking water this year as the country makes further efforts in curbing water pollution, the environmental minister said. Remediation of drinking water sources is listed among the priorities in China's water pollution control for 2018, Minister of Environmental Protection Li Ganjie said at a two-day national environmental protection work conference.
Xinjiang provides subsidies, awards for grassland conservation -- Nearly 2.5 billion yuan (394 million U.S. dollars) in grassland subsidies and awards has been granted to ensure grassland conservation in northwest China's Xinjiang Uygur Autonomous Region since the beginning of this year, according to a government report. Xinjiang has 57 million hectares of grassland, 65 percent of which is used for grazing. More than 80 percent of the grassland had been damaged because of climate change and overgrazing. In 2012, Xinjiang launched a group of grassland conservation programs to prohibit grazing, maintain a balance in animals and grazing, and provide subsidies to improve grass breed varieties.
Xinjiang to build 300,000 new houses in rural areas in 2018 -- Northwest China's Xinjiang Uygur Autonomous Region plans to build 300,000 houses for impoverished people in the region this year, the regional housing and construction department announced on February 1. About 210,000 of the houses, measuring 40 to 60 square meters each, will be used to help families living in extreme poverty, those receiving the minimum living allowance, and households with disabled residents, according to Li Xuedong, head of the department.
China expands parallel auto import pilots -- China will expand pilots of parallel auto imports to foster a more diverse and competitive auto market. Another eight parallel auto import pilot areas have been added to the current nine-region pilot list, according to the Ministry of Commerce. The new pilot regions cover ports in cities in Inner Mongolia, Jiangsu, Henan, Hunan, Guangxi, Hainan, Chongqing and Shandong. In parallel import, independent auto dealers directly purchase vehicles from a foreign production base or auto dealer. Prices for parallel-import cars are normally 10 to 20 percent lower than the prices offered by authorized dealers. China started to pilot the practice in early 2016 with the free trade zones in Shanghai, Tianjin, Fujian and Guangdong as the first group of test sites.
China unveils action plan for improving rural living environment -- China's central authorities on February 5 unveiled a three-year action plan to improve the rural living environment. The action plan was jointly released by the General Office of the Communist Party of China (CPC) Central Committee and the General Office of the State Council. Improving the rural living environment is an important task for the country to accomplish its goal of building a moderately prosperous society by 2020. It has great significance to the well-being of farmers and harmony of rural society, according to the document.
China to rein in overseas virtual currency trading -- China's central bank has said it will tighten regulations on domestic investor participating in overseas transactions of initial coin offerings (ICOs) and virtual currency as risks in the sector are high. Overseas ICO transaction platforms pose risks including illegal offerings, false information, fraud and pyramid schemes, according to the People's Bank of China (PBOC). Regulators warned that domestic investors should be alert to risks and refrain from participating in speculation in virtual currency transactions.
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