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News from China
What's in a name? Chinese automaker nixes 'Trumpchi
17th January 2018

 Chinese automaker GAC is changing the name of models it plans to introduce in the US market next year, because "Trumpchi" sounds too much like its linked to President Donald Trump.

 
"The name will change for the US market to avoid the wrong connotation or misunderstanding," a GAC spokesman told AFP on Tuesday at the Detroit auto show.
 
The Trumpchi models have been available in China for years, and the word actually means "legend" in Chinese, the spokesman said.
 
US media has previously reported that company executives had been deliberating over a name change.
 
GAC, or Guangzhou Automobile Group Co Ltd, which sells 500,000 cars in its native country and 13 others in Asia and the Middle East, has long announced plans to be the first Chinese auto maker to enter the US market by the end of 2019.
 
The company also plans to expand into Europe after trying to woo American consumers.
 
The cultural dissonance with its chosen brand name is something with which another auto maker can relate.
 
Tata Motors' "zippy car" abbreviation Zica was an unfortunate choice in 2016 for its new hatchback sedan, considering it debuted as the World Health Organization declared the Zika virus a global health emergency.
 
The Indian company renamed it Tiago after making marketing lemonade out of a public relations lemon by holding an online renaming contest. 
Source: Shanghai Daily, January 17, 2018
China to allow non-property enterprises, villages to build houses
16th January 2018

 China will allow non-real-estate enterprises and villages to build houses on the land they own to boost housing supply.

 
A total of 13 cities including Beijing, Shanghai, Nanjing, Hangzhou and Xiamen are pilot regions where villages can build rental houses on land under collective ownership, either by themselves or by partnering with others, according to the national land and resources work conference held Monday.
 
Rural housing land still belongs to the collective village entity and farmers will be allowed to use it for housing and other purposes, said land and resources minister Jiang Daming.
 
The decision is considered a major step in nurturing a sustainable property market as the government used to be the only legitimate supplier of land for housing purposes.
 
The houses should be used for living rather than investment, and urban residents will not be allowed to buy rural housing land, which is banned for extravagant apartments such as villas, Jiang said.
Source: Shanghai Daily, January 16, 2018
China to allow non-property enterprises, villages to build houses
16th January 2018

 China will allow non-real-estate enterprises and villages to build houses on the land they own to boost housing supply.

 
A total of 13 cities including Beijing, Shanghai, Nanjing, Hangzhou and Xiamen are pilot regions where villages can build rental houses on land under collective ownership, either by themselves or by partnering with others, according to the national land and resources work conference held Monday.
 
Rural housing land still belongs to the collective village entity and farmers will be allowed to use it for housing and other purposes, said land and resources minister Jiang Daming.
 
The decision is considered a major step in nurturing a sustainable property market as the government used to be the only legitimate supplier of land for housing purposes.
 
The houses should be used for living rather than investment, and urban residents will not be allowed to buy rural housing land, which is banned for extravagant apartments such as villas, Jiang said.
Source: Shanghai Daily, January 16, 2018
China to enhance scrutiny on banks
15th January 2018

 China will step up oversight in the banking sector this year to reduce financial risks, the banking regulator said, stressing that long-term efforts would be needed to control banking sector chaos.

 
The China Banking Regulatory Commission said late on Saturday in a statement that its priorities included enhancing supervision over shadow banking and interbank activities.
 
“Banking shareholder management, corporate governance and risk control mechanisms are still relatively weak, and root causes creating market chaos have not fundamentally changed,” the CBRC said.
 
“Bringing the banking sector under control will be long-term, arduous, and complex,” it said.
 
The CBRC said stricter punishment will be imposed for violating corporate governance, property loans, and disposal of non-performing assets, and that it would strengthen risk control in interbank activities, financial products and off-balance sheet business.
 
China has repeatedly vowed to clean up disorder in its banking system.
 
In recent months, regulators have introduced a series of new measures aimed at controlling risk and leverage in the financial system, with everything from lending practices to shadow banking under the microscope.
 
In January, the CBRC published regulations that cap the number of commercial banks that single investors can have major holdings in.
Source: Shanghai Daily, January 15, 2018

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