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News from China
CBRC to take tough stance on risk control
31st July 2017

 CHINA’S top banking regulator will increase efforts to prevent and control risks in the banking sector.

 
The country’s banking sector’s risks are generally manageable but more measures should be taken to deal with risks brought by cross-market and cross-sector products and other emerging businesses, said a statement released after a work meeting of the China Banking Regulatory Commission.
 
The CBRC will promote inclusive finance to play a bigger role in backing economic growth and guide banks to trim unnecessary charges worth over 44 billion yuan (US$6.5 billion) for their customers.
 
New moves will be taken to guard against risks such as supervising closely highly risky institutions and strengthening internal management and risk control.
 
The CBRC will also introduce private investment in the banking sector and keep opening up the industry.
 
A total of 18 new or amended regulation frameworks are set to be rolled out this year, the statement said.
Source: Shanghai Daily, July 31, 2017
China willing to give up growth in short-term
28th July 2017

 A senior Chinese economic official yesterday indicated that policymakers would be willing to sacrifice some short-term economic growth in order to deal with systemic risks.

 
China is trying to contain rising debt and defuse property bubbles amid fears such risks could derail the world’s second-largest economy if not handled well, but policymakers will be treading warily ahead of a key party meeting later this year.
 
“(China can’t let smaller risks) eventually lead to large systemic risks that would cause serious harm to China’s economy,” Yang Weimin, vice minister of the Office of the Central Leading Group on Financial and Economic Affairs, said.
 
“We would rather sacrifice in some other areas, but also deal with the relationship between stable growth and risk prevention”, Yang said.
 
But Yang also said China could achieve both goals of maintaining steady growth while containing debt levels.
 
China’s total private and public debt has exceeded 250 percent of GDP, up from 150 percent before the global financial crisis, according to the Organisation for Economic Co-operation and Development.
 
Chinese regulators have already launched a crackdown on riskier types of financing, but the drive has pushed up short-term borrowing costs.
 
The government’s efforts to lower debt levels in the economy will be a long-term process and the key is to push state-owned firms to deleverage, Yang said.
 
“We cannot allow the leverage ratio to continue to rise in order to safeguard economic growth,” he said.
 
China’s economy grew a faster-than-expected 6.9 percent in the second quarter, matching the first quarter’s pace, supported by solid exports, industrial production and consumption.
 
But analysts expect growth to slow in the second half as the property sector cools and borrowing costs for firms climb.
 
Chinese leaders have pledged to keep the economy steady as they prepare for a five-yearly transition later this year.
 
Government officials have said steady growth in the first half could help hit the full-year target of around 6.5 percent and achieve even better results.
 
Yang also said that China’s economic outlook is bright and the country will not fall into the middle-income trap.
 
China will fine-tune monetary policy to offset the impact of changes in market interest rates, said Wang Zhijun, another party official.
 
Higher market interest rates have started to trickle down to the real economy.
 
The weighted average lending rate of China’s non-financial firms rose by 26 basis points in the first quarter to 5.53 percent, according to data from the central bank.
 
Data for the second quarter is due in early August.
Source: Shanghai Daily, July 28, 2017
Chinese rail investment set to hit new high
27th July 2017

 CHINA’S railway investment rose in the first half year and the investment is set to hit a new high in 2017, authorities said yesterday.

 
In the first half year, fixed asset investment on railways hit 312.5 billion yuan (US$45 billion), up 1.9 percent year on year, according to the China Railway Corporation.
 
“Investment is expected to hit a new high for the whole year, as construction in the second half year will rise as new projects get underway,” said Wang Mengshu of the China Academy of Engineering.
 
Scheduled progress has been made in 27 major projects, including the Beijing-Shenyang passenger line and Hangzhou-Huangshan high-speed line, CRC said.
 
More lines will be started in the second half, including a high-speed line between Anqing and Jiujiang and a line between Huanggang and Huangmei in eastern and southern provinces.
 
“Completing an investment of 800 billion yuan is out of question,” said Wang, given that the third and fourth quarters usually see the approval of a larger number of projects.
 
Wang believes total investment this year will surpass last year’s 801.5 billion yuan, as both the central and local governments are active in the field.
Source: Shanghai Daily, July 27, 2017
Reforms in FTZ to be deepened
26th July 2017

 SHANGHAI will deepen reforms in the free trade zone and accelerate construction of a technology and innovation center as it sets out the city’s government’s tasks for the second half of the year, Mayor Ying Yong said yesterday.

 
The free trade zone will be a trial zone for reforms that combine opening-up and innovation to become a test zone for risks within an open economy, and a pilot zone to enhance government capability, Ying said in a government report at a meeting of the Standing Committee of Shanghai Municipal People’s Congress.
 
The free trade zone is also a frontier for companies to expand overseas as part of China’s One Belt One Road initiative, which was put forward in 2013, as well as to revive eco-nomic ties and connectivity between China and countries across Asia, Europe, and Africa.
 
Reforms in the free trade zone should be aligned closer to Shanghai’s economic reforms, construction of an international financial center as well as a technology and innovation hub, Ying said.
 
In accelerating construction of the technology and innovation center, efforts will be focused on building up the Zhangjiang comprehensive national scientific center, according to Ying.
 
The government will also construct a platform for development and research, and encourage mass entrepreneurship.
 
Ying also reiterated that the government will continue to crack down on speculation in the housing market and build a real estate market that balances home purchase and rent.
 
The government will ensure that the housing market grows steadily, ensure home prices are stable, and work toward improving the structure of residential property.
Source: Shanghai Daily, July 26, 2017

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