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News from China
Didi expels Shenzhen drivers
1st April 2016

 Chinese ride-hailing service Didi has expelled an undisclosed number of drivers in the southern city of Shenzhen who were found to have a history of drug use, mental illness or have significant criminal records.

 
Didi's action follows a statement issued by Shenzhen transport commission on Tuesday, noting that five ride-hailing platforms had the lax screening processes for drivers.
 
An initial inspection by Shenzhen's public security department showed that among Shenzhen's app drivers, 1,425 had a history of drug use, 1,661 had significant criminal records, and one driver was mentally ill and caused traffic troubles.
 
Didi provided personal information on all its drivers to Shenzhen police. After consideration, a list of problematic drivers was sent to the company.
 
Didi has also asked for police background checks on drivers in other cities to rule out those who might be a risk to the safety of passengers.
 
Source: Xinhua
China to expand financial support to boost consumption
31st March 2016

The central bank and the banking regulator on Wednesday issued guidelines outlining measures that could spur consumption in promising fields such as health care.

 
Financial institutions were encouraged to set up more "consumer finance" firms, which lend money to consumers, according to the guidelines by the People's Bank of China and China Banking Regulatory Commission.
 
China first began to offer consumers credit in 2010 with a pilot program involving four financial agencies, including Bank of China Consumer Finance Co. Ltd. and Bank of Beijing Consumer Finance Co. Ltd.
 
Consumer credit firms were encouraged to offer more services for fields including health care, information and green consumption.
 
Financial institutions were given the authority to set their own down payment requirements for consumers wanting to buy new energy autos and second-hand cars, as long as the deposits met the minimum payment rates of 15 and 30 percent.
 
The guidelines also urged financial institutions to formulate new mechanisms to guard against risks in the dynamic credit market, such as defaulting debtors.
Source: Xinhua
Chinese shares open higher Wednesday
30th March 2016

Chinese stocks opened higher on Wednesday, with the benchmark Shanghai Composite Index up 0.73 percent, at 2,941.22 points.

 
The smaller Shenzhen index opened 0.92 percent higher at 10,187.64 points. The ChiNext Index, tracking China's NASDAQ-style board of growth enterprises, gained 0.83 percent to open at 3,161.29 points
 
Source: Xinhua
FTZ push drives offshore yuan loans
29th March 2016

 SHANGHAI banks conducted offshore yuan lending of 66.1 billion yuan (US$10.2 billion) last year, a surge of 119 percent year on year, as they tapped financial reforms to transact more cross-border business, the city’s banking regulator said yesterday.

“The expansion of the offshore business paid off after the city pushed forward the pilot free trade zone and encouraged the building of an international innovation and technology center,” Liao Min, head of the China Banking Regulatory Commission Shanghai Office, told a media conference with other financial regulators in Shanghai.

Another piece of good news is that the banking sector’s non-performing loans and the bad-loan ratio fell, Liao said.

Shanghai’s banking sector posted a fall in the bad-loan ratio to 0.87 percent at the end of February, he said. The figure was lower than 0.91 percent at the end of December and an average ratio of 1.67 percent among lenders countrywide.

Assets under management by Shanghai banks totaled 12.98 trillion yuan at the end of 2015, almost two times the scale five years ago.

Liao said the major task during the 13th Five-Year (2016-2020) Plan is to ensure sufficient liquidity in the real economy as well as managing systemic and regional risks.

“Shanghai’s banking regulator will tighten risk management and strengthen precautions on fundraising, bill financing and commercial property services,” Liao said.

He also said no bank employees in Shanghai were involved in illegal fundraising last year.

“We plan to establish a risk prevention system with securities and insurance regulators to crack down on any violation in the industry,” Liao said. “That would help to prevent risks transferring from one sector to another.”

Source: Shanghai Daily, March 29, 2016

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