China eases market access for foreign payment firms -- China's central bank on March 21 laid out the rules for foreign-invested payment firms over market access and supervision, in a bid to open up its payment service market and encourage competition. Overseas companies providing e-payment services are required to set up foreign-invested businesses in China and acquire payment services licenses, the People's Bank of China (PBOC) said in its online statement. These firms are required to have secure, regulated transaction and recovery systems in China with the capacity of processing payment services individually, according to the PBOC.
China toughens supervision on third party payment -- China's third-party payment companies may face intensified competition as regulators step up oversight of the industry to prevent financial risks. Agricultural Bank of China announced in a recent notice that it would cut off the payment channel for Internet finance businesses such as peer-to-peer lending, the Xinhua-run Economic Information Daily reported. The move followed a series of penalties levied at banks and online payment companies, which analysts said were aimed at curbing risks arising from direct clearance agreements between them.
China to strengthen inclusive finance in rural areas -- China will make rural area the key focus in developing inclusive finance to improve financial institutions' rural vitalization strategies. The growth of inclusive loans to farmers and small and micro agricultural businesses should be no slower than the average lending growth, while credit for targeted poverty alleviation should grow at a higher speed, according to a document on promoting rural financing issued by Chinese banking authorities. By the end of the year, townships without banking institutions and villages without basic financial services should be cut by over one-third, the document said.
China's oceanic authority calls for measures on rising sea levels -- China's oceanic authority on March 19 called for measures to cope with rising sea levels. A report released by the State Oceanic Administration (SOA) said that the average sea level along China's coast in 2017 was 58 mm higher than the average level between 1993 and 2011. In the past six years, the sea level along China's coast had remained at a high level compared with the pervious 24 years.
China to transfer more water to its longest inland river -- About 1.2 billion cubic meters of water is expected to be discharged into the basin of the Tarim River, China's longest inland river, this year, to supply its lower reaches that dried up decades ago, local authorities said March 19. The far western Xinjiang Uygur Autonomous Region began water infusion to the river in late February and is expected to transfer more water in July, according to the regional water resources department. More than half of the water is expected to go to the main stream of Tarim River and the rest to Yarkant, Aksu and Hoten rivers, among others in the Tarim Basin, according to the department.
China imposes anti-dumping duties on methyl isobutyl ketone imports -- The Ministry of Commerce (MOC) announced March 19 that it will impose anti-dumping duties on imports of methyl isobutyl ketone from the Republic of Korea (ROK), Japan, and South Africa. The duties will last for five years starting on March 20 the ministry said. According to the ministry's final ruling, companies from ROK, Japan, and South Africa have dumped the compound on the Chinese market and such imports have caused substantial damage to the domestic industry.
More policies expected to foster growth of green vehicles -- China will release more supportive policies this year to promote the development of new energy vehicles (NEVs) to help the environment and drive growth. China will support the purchase of NEVs by the local government and continue to waive purchase taxes for NEVs during the 2018-2020 period to encourage green transportation, the Xinhua-run Economic Information Daily reported. Chinese banking authorities also announced new loan policies to allow buyers of NEVs to borrow a larger portion of the purchase price. Starting in 2018, NEV buyers will be able to borrow up to 85 percent of the cost from banks, up from the previous 80 percent.
A single purchase
