China's transport ministry unveils three-year transport plan for poverty alleviation -- China’s Ministry of Transport has recently unveiled a three-year plan to enhance transport conditions in poverty-stricken areas in a period from 2018 to 2020. According to the plan, by 2020, a transport network will be basically established in the impoverished areas to achieve unimpeded, secure and convenient transport conditions. In the poverty-stricken areas, townships and villages with conditions will have access to hardened roads and the counties with conditions will have access to second-level roads or above. Meanwhile, a road construction, management and maintenance and operation mechanism in rural areas will be established and improved.
China starts to establish national standards on blockchain industry -- China has started to formulate standards on blockchain industry, in a bid to promote the construction of a standard system from top-level design, said Li Yan, an official from the Ministry of Industry and Information Technology (MIIT), at a forum of the China International Big Data Industry Expo 2018 on May 28. Li noted that the MIIT will continue to promote the research on core basic technology of blockchain, accelerate the applications of blockchain technology, guide the industry to develop in a sustainable way and uplift China’s international influence in this field.
China issues guidelines to strengthen scientific integrity -- China on May 30 issued guidelines to strengthen scientific integrity, encourage innovation and scale heights in science and technology, to lay a solid social and cultural foundation for building the country into a world scientific power. A scientific integrity mechanism will be built to encourage innovation and tolerate trials and errors while maintaining zero tolerance for severe academic dishonesty, and anyone who violates the integrity rules will be held accountable by law, according to a document released by the General Office of the Communist Party of China (CPC) Central Committee and the General Office of the State Council. China's Ministry of Science and Technology (MOST) and the Chinese Academy of Social Sciences (CASS) will take the leading responsibility in coordinating the work of scientific integrity in the fields of science and social sciences respectively.
China cuts tax on technologically advanced service trade firms -- China is to expand a tax cut program on qualified technologically advanced service firms nationwide. The rate of enterprise income tax will be cut to 15 percent for businesses in the service trade sector which are qualified as technologically advanced, according to a statement released by the Ministry of Finance. The tax cut has been in place in 15 regions including Tianjin, Shanghai and Shenzhen since 2016 on a pilot program. Seventeen other regions, including Beijing, will join the program between July 1 this year and June 30, 2020 to further promote innovative service trade. China's service trade volume has ample room for growth compared with developed countries. Trade in services totaled 4.7 trillion yuan (730 billion U.S. dollars) in 2017, up 6.8 percent year on year.
China formulating scheme of carbon emission right trading quotas in steel industry -- A scheme about the carbon emission right trading quotas in the domestic steel industry is under research and development, according to Li Xinchuang, president of China Metallurgical Industry Planning and Research Institute at a recent steel forum, quoted by the Xinhua-run Shanghai Securities News. It shows a crucial stage for the carbon trading market of the steel industry, after the domestic power industry was firstly included in the national carbon emission trading market at the end of 2017. China is the world’s largest steel producer and consumer, accounting for nearly 50 percent of the world’s crude steel production and the steel industry accounts for nearly 15 percent of China’s total carbon emissions. The low-carbon transition development is of great significance to China's steel industry, said Li.
China securities authority moves to guard against risks, open wider -- Chinese securities regulator is continuing to act against capital market violations while expanding opening-up of the financial market. The China Securities Regulatory Commission (CSRC) handed out administrative penalties of 7.71 billion yuan (around 1.2 billion U.S. dollars) last year and in the first quarter of this year, said Yan Qingmin, vice chairman of the CSRC, at the 2018 Annual Conference of Financial Street Forum ended on May 29. The fines concerned 294 cases, including insider trading and price manipulation, with 47 people banned from securities trading. Yan said that China had quadrupled daily quotas for the Shanghai and Shenzhen Hong Kong stock connects from May 1, and Chinese A-shares have been included in the MSCI China Index and the MSCI Emerging Markets Index.
Regulator calls for better compliance management of central SOEs -- China's centrally administered state-owned enterprises (SOEs) should raise their awareness of compliance management when doing business overseas, the state assets regulator said. Central SOEs should enhance their abilities in compliance risk prevention and improve overall risk control mechanisms, Xiao Yaqing, head of State-owned Assets Supervision and Administration Commission, said May 29 at a meeting on overseas risk prevention for central SOEs. The companies should further improve their international operations via means including strengthened oversight of overseas projects and unified management mechanisms, Xiao said.
S. China Guangzhou releases 3-year plan of participating in the B&R construction -- South China's Guangzhou has recently released an action plan for the construction of the Belt and Road (2018-2020). As an important national center city, an international trade center and a comprehensive transportation hub, Guangzhou has the solid foundation and outstanding advantages of participating in the construction of Belt and Road. As of April, 2018, Guangzhou had invested and established 165 enterprises (institutions) in countries along the Belt and Road routes with a total investment of 3.48 billion U.S. dollars. The action plan put forward 39 specific measures for the five areas of promoting investment and trade liberalization and facilitation, increasing investment and trade cooperation, enhancing infrastructure interconnection, accelerating financial cooperation and technological innovation, and deepening humanistic cooperation and exchanges.
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