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News from China
Onshore assets of China's banking sector up 15.5 pct
26th January 2016

Chinese banks held 194.2 trillion yuan (29.7 trillion U.S. dollars) in onshore assets at the end of 2015, according to data from China Banking Regulatory Commission.

The volume was up 15.5 percent from a year earlier, the banking regulator said.
The combined onshore assets of China's "big five" lenders, including the Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications, came in at 73.67 trillion yuan by the end of 2015, accounting for 37.9 percent of the total assets in the industry.
By 2015, the lenders' onshore liabilities rose 14.8 percent to reach 179 trillion yuan, the data showed.
Source: Xinhua
Smoother, faster ride home for Spring Festival
25th January 2016

High-speed trains with comfort, Starbucks coffee onboard, free WIFI in stations, and phone apps for ticket purchase. As the Spring Festival travel rush kicked off on Sunday, hundreds of millions of Chinese found that their journeys for holiday homecomings have become much smoother and faster.

This year's Spring Festival travel rush reflected how China's economic boom, huge investment in infrastructure and fast growth of information technologies totally redefined the once gruelling experience of going home for the Chinese New Year, which falls on February 8 this year.
At Shanghai Railway Station, the ticket office is no longer crowded. In previous years' travel rush, the ticket office was crammed every night with tens of thousands of people who had to line up for the whole night to buy a ticket.
But this year, about 83 percent of tickets were purchased online.
China's railway service has been adapting to hi-tech trends by making itself accessible through websites and mobile phone apps, said Zhu Wenzhong, passenger traffic director of Shanghai Railway Bureau. Passengers now could order onboard meals on the phone app before boarding. Drinks made by Starbucks are available on certain trains.
Across China, free WIFI is offered in some train stations and electronic ticketing machines were placed in bus stations. An online system that integrates bus operators in 13 provinces has been launched.
The Ministry of Transport said this year it started to use big data to analyze the Spring Festival traffic.
Chinese car-hailing app Didi rolled out a car-pooling service that can pair travelling needs across the country, making it possible for drivers to take on others when travelling home for the Chinese Lunar New Year.
Train stations have also been modernized. In the city of Nanchang, a railway hub in east China, passengers used to wait outside Nanchang Railway Station as there was not enough room indoors during the Spring Festival travel rush. But this year, they can wait inside the station as a high-speed train station was just added to the city.
Source: Xinhua
China to reform old, boost new growth engines
22nd January 2016

Breakthroughs will be made in steel and coal sectors in reforms of traditional industries, along with China's efforts to cultivate new growth engines, the Chinese premier said on Wednesday.

It is crucial to make a good start for the 13th Five-Year Plan period, according to a statement released after a symposium of the State Council, chaired by Premier Li Keqiang, to discuss key work for this year.
"Steel and coal sectors should take the lead in cutting overcapacity, digest unreasonable inventories, reduce costs and improve efficiency," he said.
China must fully assess current challenges and risks, as prices of international commodities continues dropping, economic performances in key economies are growing different and adjustments of macro-policies have brought new uncertainties, he said.
On the other hand, China's economic fundamentals are still healthy, and new dynamics from new industries and new businesses keep growing stronger, said Li, calling for enhanced confidence to promote development.
He urged boosting structural reforms, especially supply-side structural reforms, and innovate the ways of adjustment to ensure the economy operates within a reasonable sphere. China will accelerate the cultivation of new growth engines -- a key aspect of supply-side structural reforms -- and encourage entrepreneurship and innovation, according to Li.
He expected the creation of new and effective supply to better adapt to structural upgrade of demand.
China will repair "short slabs" in sectors such as agriculture, service, infrastructure, environmental protection and social undertakings, according to Li.
Transfers between new and old growth engines are of "dialectical unity," as new growth engines, if fully grown, can create a lot of jobs to help receive employees in the traditional sectors and upgrade the traditional sectors, while reforms of traditional sectors can invigorate dormant resources to provide space for the development of new engines, Li said.
Vice Premier Zhang Gaoli also attended the meeting.
Source: Xinhua
China to issue digital currency "as soon as possible"
21st January 2016

China's central bank on Wednesday announced that it will try to issue digital currency "as soon as possible."

A team in the central bank is examining domestic and global experiences. Digital currency costs less in circulation than traditional paper, facilitates trade, boosts transparency, and cuts money laundering and tax evasion, according to the People's Bank of China at a conference on digital currency.
They will improve the central bank's control of currency to better support development, and bolster new financial infrastructure and complete payment systems, it added.
The team was set up in 2014 and has made progress on technology, legal issues, and the impact on financial systems.
Source: Xinhua

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