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News from China
Premier Li urges more financial support for industrial upgrades
28th January 2016

Premier Li Keqiang on Wednesday called for more financial support for industrial upgrades as the country strives to restructure its economy.

"Making good,creative use of financial tools to support industrial upgrades is an important way for the financial sector to better serve the real economy," read a statement issued after an executive meeting of the State Council chaired by Premier Li.
The government will encourage financial institutions to offer credit support to high and new tech enterprises, major technical equipment manufacturers, and projects that aim to strengthen China's industrial foundation, the statement said.
China expects more financial support in the shape of "green loans" that help enterprises improve energy efficiency and boost trade of pollution discharge right, the statement said.
The government encourages enterprises to raise money to reform old growth drivers through merger and revamping. Big enterprises will receive support for creating venture capital fund while local governments will help cover or compensate the bank guarantee when small and medium-enterprises seek funding, according to the statement.
Financial support will phase out for those enterprises that are mired in long-term losses, fail to meet environment or safety standards and with no prospect of amelioration, and whose production capacity is outmoded, the statement said.
The government will continue to straighten arbitrary and unreasonable financial charges, and at the same time support banks to deal with non-performing loans as soon as possible to defuse financial risks, the statement said.
To help realize medium and high-end manufacturing, an important part of China's supply-side structural reform, breakthroughs in connecting "made in China" with "the Internet" are needed, the statement said. The government will promote digitized, Internet-based and intelligent manufacturing in a bid to create new business models and products.
A fund that supports the implementation of the "Made in China 2025" plan will be established, the statement said, without elaborating on the exact amount. A number of major technological transformation projects will start.
China will strengthen its national standards to facilitate the production of high quality products to meet the needs of consumers, the statement said, adding that the country will work for closer international cooperation.
Burdens on enterprises will be further reduced. From February 1, the government will cut, cancel or streamline various charges including new vegetable plot development fees and price adjustment fund. The exemption threshold for education and water conservancy taxes will be raised to a monthly revenue of 100,000 yuan (15,200 U.S. dollars) from the current 30,000 yuan. The new measure translates to an annual saving of 26 billion yuan for enterprises, the statement said.
The meeting also highlighted the importance to taking care of left-behind children, whose parents work away from home and rarely spend time with their children.
The family should have the main responsibility of raising children while local governments, village committees and philanthropic organizations must work to ensure their safety and education, read the statement.
The government will do more to crack down on illegal activities that harm left-behind children and reduce the number of these children by helping migrant workers be admitted into cities or to start their own businesses in the countryside.
Source: Xinhua
Premier solicits opinions on gov't work report, 13th Five-Year Plan
27th January 2016

Premier Li Keqiang on Monday held a symposium to solicit opinions on the draft of the annual government work report and the country's 13th Five-Year Plan.

Participants at the symposium include leaders of non-Communist political parties, officials of the All-China Federation of Industry and Commerce, and prominent figures without party affiliation.
Wan E'xiang, leader of the Revolutionary Committee of the Chinese Kuomintang made proposals on the promotion of law-based governance and using hi-tech to modernize agriculture.
Leaders of other non-Communist parties made suggestions on people-oriented urbanization, reform of the medical system, international cooperation in production capacity and innovation, and the utilization of urban underground space, among others.
Wang Qinmin, chair of the All-China Federation of Industry and Commerce, said more importance should be attached to the non-public sector and effective private investment.
Chen Zhangliang, a representative for those without party affiliation, talked about mass entrepreneurship and innovation as well as social services.
Li thanked the participants and pledged that their inputs will be treated seriously.
"The international situation China faces this year is graver, and this will affect the Chinese economy from many aspects. China should firmly keep development its the top priority," Li said.
Li will deliver the final work report at the annual session of the National People's Congress in March.
Source: Xinhua
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

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