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News from China
China to build industrial Internet standard system by 2020
11th March 2019

 China will establish a standard system for the industrial Internet by 2020, according to a guideline jointly released by the Ministry of Industry and Information Technology and the Standardization Administration.

 
By integrating information technology and the manufacturing industry, the industrial Internet will have a comprehensive and profound influence on industrial development, the guideline said.
 
The industrial Internet combines the Internet, platforms and security, constituting the Internet infrastructures that connect people, devices and things, according to the guideline.
 
To fulfil the 2020 target, China will focus on formulating technical standards for crucial elements of the industry, including Internet resource management and industrial big data.
 
The country has also vowed to formulate more than 100 standards and build a more integrated and open standard system by 2025, the guideline added.
 
Source: Shanghai Daily, March 11, 2019
China renews yellow alert for thick fog
6th March 2019

 China's national observatory Wednesday renewed a yellow alert for thick fog that will affect most parts of the country.

 
From Wednesday morning, thick fog will sweep parts of Jiangsu, Anhui, Hubei and Liaoning, according to the National Meteorological Center.
 
The visibility in parts of the areas will be reduced to less than 50 meters, the center said.
 
It suggests drivers in affected regions slow down, while airports, expressways and ports take appropriate safety measures.
 
China has a three-tier color-coded warning system for fog, with red being the most serious, followed by orange and yellow.
 
Source: Shanghai Daily, March 6, 2019
US launches national security probe into titanium sponge imports
5th March 2019

 The US Commerce Department on Monday launched a national security probe into titanium sponge imports, adding one more item to the list of investigations under Section "232" of US trade law.

 
US Secretary of Commerce Wilbur Ross accepted the Section "232" petition filed on September 27, 2018, by domestic producer Titanium Metals Corporation (TIMET) and launched an investigation into whether the quantity or circumstances of titanium sponge imports into the United States threaten to impair the national security, the department said in a statement.
 
Ross sent a letter to Acting Secretary of Defense Patrick Shanahan informing him about the initiation of the investigation, and the Pentagon supported the probe, the statement said.
 
"The Department of Commerce's Bureau of Industry and Security will conduct a thorough, fair, and transparent investigation before we make a recommendation to the President," Ross said.
 
The secretary also noted that titanium sponge has uses "in a wide range of defense applications, from helicopter blades and tank armor to fighter jet airframes and engines." Imports account for more than 60 percent of US titanium sponge consumption, according to the department.
 
The investigation was launched under Section 232 of the Trade Expansion Act of 1962, which would allow the US administration to impose tariffs on imported products on national security grounds.
 
The Trump administration has repeatedly invoked the previously seldom-used Section 232, drawing strong opposition from the domestic and international business community.
 
Last year, the administration unilaterally slapped tariffs on imported steel and aluminum products citing Section 232 investigation, provoking retaliation from trading partners including Canada, Mexico and the European Union.
 
Last month, the Commerce Department submitted to the White House a Section 232 report on imported cars and parts, which could recommend up to a 25 percent tariff hike in the auto sector. The department also launched national security investigation into uranium imports in July.
 
Source: Shanghai Daily, March 5, 2019
China sets threshold for individual investor's participation in sci-tech board
4th March 2019
Individual investors who want to participate in the much-anticipated science and technology innovation board have to have an asset of 500,000 yuan (US$74,627) and at least two years of experience in securities trading, according to the latest regulations released by China's top securities regulator.
 
"This is conducive to ensure that the sci-tech board runs smoothly at the beginning, under the precondition of adequate market liquidity," said the China Securities Regulatory Commission.
 
China is preparing for the launch of a sci-tech innovation board in a bid to leverage financial reforms to boost the development of the high-tech sectors and to advance economic transition.
 
The new board will be launched on the Shanghai Stock Exchange and experiment with registration-based IPOs. First proposed in November 2018 and approved in late January, it has since been pushed forward at full speed.
 
Until now, China has 3,607 listed firms with a total market capitalization of 53 trillion yuan. However, the weight of sci-tech firms remains quite limited.
 
The establishment of the board will help promote technological innovation, high-quality development of the economy and market-oriented reform of the capital market, according to Yi Huiman, CSRC chairman.
 
The tech board will ease the listing criteria, such as allowing firms that have yet to make a profit to list but will also adopt higher requirements for information disclosure.
 
Li Chao, CSRC vice chairman, said the new board will have strict IPO standards and certain procedures and will not be flooded by listed firms.
 
The sci-tech board will focus on high-tech and strategically emerging sectors such as new generation information technology, advanced equipment, new materials and energy, and biomedicine. The new board is likely to be rolled out as soon as the first half of this year.
 
Source: Shanghai Daily, March 5, 2019

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