China toughens insurer ownership management to defuse risks -- A revised regulation on investment in insurance companies will come into effect on April 10, a proactive approach by the Chinese government to financial risk. Comprising 94 articles in nine sections, the revised Ownership Management Method for Insurers is wider in scope and more specific in its stipulations than the 2010 version. The instrument has been revised to cover more possible challenges facing the industry, according to He Xiaofeng, director of the Development and Reform Department of the China Insurance Regulatory Commission (CIRC).
Innovation competition in C China to attract overseas Chinese talent -- Central China's Hubei Province will hold an innovation competition to attract overseas Chinese to start businesses in the province, organizers said on March 13. The competition will focus on artificial intelligence, smart manufacturing and industrial big data, which are of vital importance to the province's industrial transformation and upgrading.
China's steel production heartland to extend output curb -- China's leading steelmaking city, Tangshan, has announced new restrictions on steel production in order to improve air quality, according to local authorities. The city will extend production restrictions on steel mills once the current curbs expire on March 15, Tangshan Development and Reform Commission said. New restrictions will take effect from March 16 and end on November 14. Tangshan has cut nearly 44.7 million tonnes of steel production capacity since 2013 in an effort to control air pollution.
China to expand capital tools for banks to raise funds -- China's financial regulators on March 12 issued a plan to expand capital tools for commercial banks to replenish their capital in order to boost their support for the real economy. The country will improve rules to enable commercial banks to raise funds through multiple channels, including convertible bonds and other loss-absorbing debt instruments, according to the plan jointly issued by the China Banking Regulatory Commission (CBRC) and another four regulators.
China to improve quality certification for consumption -- China plans to unroll quality certification for high-end products and services amid efforts to push consumption upgrade, a senior official said on March 13. The program will cover both goods and services that include green and organic foods, smart home appliances, health services and elderly care services, Liu Weijun, deputy head of the Certification and Accreditation Administration, told a press conference. Liu said the government would work to increase the supplies of premium products and services through improved quality certification, and thus adapt to consumer demands for quality.
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