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News from China
CIRC to boost standards
7th June 2017

 CHINA’S insurance regulator is set to tighten standards on the management of liability, investment, and liquidity risks as it assesses solvency requirements for the second year, PricewaterhouseCoopers said in a report yesterday.

 
The China Insurance Regulatory Commission is now prioritizing management of assets and liabilities in tandem with moves on financial deregulation in the country to lower risks in banking, securities, insurance, and asset management sectors, said Jimi Zhou, PwC China financial services consulting partner.
 
There will also be a stronger regulatory focus on investment risks amid greater volatility in stock and alternative investment markets, Zhou said.
 
“The regulator will also put greater emphasis on the actual implementation of risk control measures rather than the set up of a management framework as it did in the first year of implementing the Solvency Aligned Risk Management Requirement and Assessment,” Zhou said.
 
Under SARMRA, the CIRC assigns a score to each insurance company after assessing their risk levels and management capabilities. Companies with scores below 80 will face a higher solvency requirement.
 
Last year’s results showed the average score for insurance companies in China came in around 74 points.
Source: Shanghai Daily, June 7, 2017
Chinese firm to build Nepal power plant
6th June 2017

 NEPAL has signed an agreement with a Chinese company to build the largest hydroelectric plant in the impoverished landlocked country, which suffers from a chronic energy shortage.

 
Nepal’s energy minister Janardan Sharma on Sunday signed the agreement for the China Gezhouba Group Corporation to build the long-mooted 1,200 megawatt Budhi-Gandaki hydroelectric project.
 
Estimates put the project cost at US$2.5 billion. A financing agreement will be signed later, ministry spokesman Dinesh Kumar Ghimire said.
 
Water-rich Nepal has a mountain river system that could make it an energy-producing powerhouse, but instead it imports much of its electricity from neighboring India.
 
Experts say it could be generating 83,000 megawatts, but its total installed generation capacity currently stands at less than two percent of that.
 
Demand for electricity has long outstripped supply in Nepal due to chronic under-investment and inefficiencies in the power network.
 
The result has been crippling for domestic industry and deterred foreign investment. India and China are both pumping money into Nepal through large-scale infrastructure projects.
 
CGGC is currently building three smaller hydropower plants in Nepal and has completed another one.
 
Nepal’s government is also currently building a 750 megawatt plant with China’s backing.
 
Meanwhile, construction of two large India-backed projects — each with a price tag of over US$1 billion — is expected to begin later this year after years of delays.
Source: Shanghai Daily, June 6, 2017
Online giants eye mid-year shopping
5th June 2017

 

 
ONLINE marketplaces in China are busy preparing for the mid-year online shopping event as they must work harder to woo consumers.
 
Initiated by leading e-commerce platform JD.com, “6/18” was first launched in 2010 to celebrate the company’s anniversary on June 18. It joins the Singles’ Day sale on November 11 and has become one of China’s largest online shopping sprees.
 
Other companies soon jumped on the bandwagon and began to offer special offers to get more customers.
 
Chinese tend to purchase based on quality and brands on 6/18, compared with price and delivery during Singles’ Day, a survey from JD.com showed.
 
JD.com will use technology such as augmented reality and virtual reality to offer interactive shopping experiences and will also employ robots, driverless cars and drones for deliveries.
 
Xiaomi also started a promotion campaign offering discounts for most of its products, while Alibaba’s Tmall decided to launch both online and offline activities to promote itself as a green, smart and ideal lifestyle platform.
 
Almost all Chinese e-commerce platforms are developing a “New Retail” model, which not only features online and offline retail, but also one-stop and streamlined service from shopping to payment and delivery.
 
China is the world’s largest online shopping market, with about 467 million online consumers spending around 26.1 trillion yuan (US$3.83 trillion) last year, up 19.8 percent year on year.
Source: Shanghai Daily, June 5, 2017
China to launch local land reserve bonds
2nd June 2017

 CHINA will roll out local land reserve bonds this year to further unify local governments’ financing behavior, an official statement said yesterday.

 
The move came after the country banned local governments from borrowing from banks to finance land purchases and preparations for property development last year.
 
Provincial governments will be allowed to issue local land reserve bonds for their reasonable financing needs, according to the statement, which was jointly issued by the Ministry of Finance and the Ministry of Land and Resources.
 
By issuing the bonds, authorities will be able to plug leaks in the system of local financing platforms such as fake land transactions and land reserve capital embezzlement, according to officials with the ministries.
 
Across China, land sales were once a major source of local governments’ fiscal revenue. Land reserves, which were funded through bank loans before 2015, have been effective methods for local governments to stabilize the land market.
Source: Shanghai Daily, June 2, 2017

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