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News from China
Guide to innovate, reform in northeast
17th November 2016

 CHINA has issued guidelines to speed up innovation and reform in the country’s northeast 

to rejuvenate the rust belt region.
 
The central government decided to accelerate reforms in administration, state-owned enterprises 
and the private economy to give full play to the region’s vitality, according to a statement 
released by the State Council yesterday.
 
The provinces of Liaoning, Jilin and Heilongjiang in the northeast were among the first areas 
in China to be industrialized. However, this once robust industrial base has been faced with 
a more acute slowdown than the rest of the country, trailing behind in GDP growth.
 
The northeast will pilot a negative list program for investment. The region also aims to set up 
at least one private bank before next June to encourage growth of the private economy.
 
The central government urged the three provinces to update their industries and issued a three-year 
action plan. It will offer fiscal support to develop emerging sectors, such as tourism, accordingto the document.
Source: Shanghai Daily, November 17, 2016
PBOC aims to develop digital currency
16th November 2016

 CHINA’S central bank is recruiting blockchain experts to step up efforts 

to develop an official digital currency.
 
The People’s Bank of China’s institute of printing science is offering six 
positions for the design and development of digital currency-related software 
and hardware framework, a recruitment notice said, adding that candidates with 
experience in blockchain and Big Data technologies will be preferred.
 
The candidates must hold master’s or doctoral degree in computer science, 
information security and cryptography, according to the notice.
 
PBOC set up a special team in 2014 to look into digital currencies, 
research the legal, monetary and technological framework, and study 
the impact of digital currency on the economy and financial systems.
 
However, PBOC Governor Zhou Xiaochuan said in a previous interview with 
Caixin magazine that there’s no timetable for the launch of the digital currency.
 
Central banks in UK, Russia, Canada and Australia have also showed interests 
in developing blockchain-based digital currencies.
 
Blockchain technology is not just useful for creating digital currencies or 
developing new financial technologies. They can be used for a wide variety of 
applications, such as tracking ownership or the provenance of documents, digital 
assets, physical assets or voting rights.
Source: Shanghai Daily, November 16, 2016
New home buying rises at slower pace
15th November 2016

 NEW home purchases in China grew more slowly in the first 10 months 

of this year as tightening measures imposed by local governments 
effectively damped buying sentiment, data released yesterday by the 
National Bureau of Statistics showed.
 
New homes worth 7.8 trillion yuan (US$1.1 trillion), excluding 
government-funded affordable housing, were sold across the country 
between January and October, up 42.6 percent year on year. The pace 
slowed from a 43.2 percent gain in the first nine months.
 
About 1.06 billion square meters of new homes were sold during the 
10 months, up 27 percent. The rise slowed from the 27.1 percent 
annual gain in the first three quarters, the data showed.
 
“This round of property boom seemed to reach its peak in September 
with buying sentiment starting to fall in October,” Centaline Property, a 
major chain in Shanghai, wrote in a note. “A significant retreat in new 
home purchases should be expected over the next two months.”
 
In October, new houses worth 941.2 billion yuan were sold across the country, 
down from 1.15 trillion yuan sold in September. The area of new home purchases
 totaled 132 million square meters, down from 155 million square meters in September.
 
During the weeklong National Day holiday, more than 20 cities nationwide — mostly 
first-tier and selected second-tier ones — unveiled austerity measures ranging from 
home buying curbs to stricter mortgage requirements to cool their overheated property 
markets.
 
In the first 10 months, sales of new properties, including office and commercial buildings,
 have outnumbered the whole of 2015, Centaline Property’s research showed. New property 
sales nationwide hit 9.15 trillion yuan between January and October, up from 8.73 trillion 
yuan sold last year.
Source: Shanghai Daily, November 15, 2016
China worried over EU’s duties on steel
14th November 2016

 CHINA is greatly concerned about the European Union’s protectionist measures 

against Chinese steel products, the commerce ministry said on Saturday.
 
“The Chinese side has expressed great concerns and worries about the EU’s trade protectionist 
tendency over steel,” the ministry said in a statement on its website.
 
The ministry was responding to the EU’s latest decision to take temporary anti-dumping measures 
against imports of Chinese seamless steel pipes, based on preliminary investigations, it said.
 
A worldwide steel glut has stoked trade disputes between China, the world’s top maker of the 
construction material, and other producers such as the United States and the EU.
 
China is the EU’s second-largest trade partner but they have had a series of disputes over cheap 
Chinese exports that Europeans say are unfairly flooding their market.
 
High duties levied on Chinese products could hurt Chinese companies, the ministry said.
 
“China is willing to strengthen exchanges and communication with the European side and properly 
solve problems that the steel industry is facing,” it said.
 
“These new measures have no basis in World Trade Organization rules,” said ministry spokesman 
Shen Danyang, adding the EU was illegally stripping China of its WTO rights.
Source: Shanghai Daily, November 14, 2016

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