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News from China
Lou warns China not meeting fiscal goals
1st July 2016

 THE Chinese government is struggling to meet its annual fiscal targets, Minister of Finance Lou Jiwei warned yesterday.

The central treasury received 2.968 trillion yuan (US$447 billion) from January to May, a year-on-year rise of 0.6 percent, Lou said when delivering a State Council report on the final accounts for 2015 to the National People’s Congress Standing Committee.

The increase is below the previously budgeted growth rate of 2 percent.

Total national fiscal revenue reached 6.988 trillion yuan in the same period, up 8.3 percent year on year.

Lou said the Chinese economy is generally steady this year, and a series of policies have led to more positive economic factors. However, the economy is still facing great downward pressure.

Under the current situation, the outlook for achieving the annual national fiscal revenue target is not optimistic, and greater efforts must be made, said Lou.

Lou said the finance ministry will stabilize and improve financial macro-economic policies, focusing on supply-side structural reform and moderately expanding demand to promote the steady and healthy development of the economy.

In the meantime, the ministry will accelerate reform of the tax system and fully implement the law on the budget, as well as strengthen budget management to prevent risks, Lou said.

Lou also vowed to strengthen management of local government debt by setting limits to control the scale of the debt.

Source: Shanghai Daily, July 1, 2016
Lou warns China not meeting fiscal goals
30th June 2016

 THE Chinese government is struggling to meet its annual fiscal targets, Minister of Finance Lou Jiwei warned yesterday.

The central treasury received 2.968 trillion yuan (US$447 billion) from January to May, a year-on-year rise of 0.6 percent, Lou said when delivering a State Council report on the final accounts for 2015 to the National People’s Congress Standing Committee.

The increase is below the previously budgeted growth rate of 2 percent.

Total national fiscal revenue reached 6.988 trillion yuan in the same period, up 8.3 percent year on year.

Lou said the Chinese economy is generally steady this year, and a series of policies have led to more positive economic factors. However, the economy is still facing great downward pressure.

Under the current situation, the outlook for achieving the annual national fiscal revenue target is not optimistic, and greater efforts must be made, said Lou.

Lou said the finance ministry will stabilize and improve financial macro-economic policies, focusing on supply-side structural reform and moderately expanding demand to promote the steady and healthy development of the economy.

In the meantime, the ministry will accelerate reform of the tax system and fully implement the law on the budget, as well as strengthen budget management to prevent risks, Lou said.

Lou also vowed to strengthen management of local government debt by setting limits to control the scale of the debt.

Source:
Toyota recalls 1.43 million vehicles for defective air bags
29th June 2016

 Toyota is recalling 1.43 million vehicles globally for defective air bags, although it is not part of the massive recalls of Takata air bags, the Japanese automaker said Wednesday.

Toyota Motor Corp. said it does not know of any fatalities or injuries related to the latest recalls.

Being recalled are the Prius hybrid, Prius plug-in and the Lexus CT200h produced between October 2008 and April 2012 — 743,000 vehicles in Japan, 495,000 in North America and 141,000 vehicles in Europe, as well as 9,000 vehicles in China and 46,000 vehicles in other regions.

A small crack in some inflators in the air bags in the driver and passenger sides may expand, causing the air bags to partially inflate.

The air bags were not made by Takata, according to Toyota.

The announcement by Toyota means that overall the total numbers of recalls because of air bag worries likely now tally more than 100 million globally. Faulty air bags are responsible for 11 deaths and more than 100 injuries worldwide. Three more deaths are under investigation in Malaysia.

Source: Shanghai Daily, June 29, 2016
Payments app Circle raises US$60m from Chinese funds
28th June 2016

 US-BASED payments app Circle has raised US$60 million from Chinese investors and launched a company in China, as it seeks to expand in the world’s second-largest economy.

The latest funding comes from existing investor and Beijing-based tech investment fund IDG Capital Partners, as well as Chinese companies including Baidu, CICC Alpha and China Everbright Ltd, Circle’s co-founder Jeremy Allaire said.

“We’re not aiming to compete with the domestic market as that would be a suicide mission given the strength of local players like Alipay and WeChat, but we can connect Chinese consumers with the eurozone and dollar markets,” Allaire said by phone.

Circle’s China unit operates as a separate locally incorporated company and has not yet launched a product, pending a deal with a local banking partner and a legal license to operate, Allaire said.

Circle allows the sending of payments to countries where it hasn’t yet launched, with the payment transferred into Bitcoin, then settled within minutes via the blockchain network that validates Bitcoin transactions. At the other end, the Bitcoin is transferred back into the currency of that particular country.

Circle’s intention in China is to connect consumers there with this new global means of making small or “social” payments to peers in other countries.

Source: Shanghai Daily, June 28, 2016

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