Local governments will be issued with guidance for repayment schedules on existing debt by the National Development and Reform Commission, according to the Xinhua news agency. The move is to give clarity on debt repayment plans to attract private investment, according to a document released by the NDRC on Oct. 12.
Government working on policies to promote debt-to-equity swaps
The government is developing measures to support debt-to-equity swaps, according to the Shanghai Securities Journal. The policies aim to give clarity on issues such as conversion price, the transfer of state-owned assets, the issuing of preferred stock, the increase of new shares and share transfers.
Government doubles number of state-owned enterprises targeted for reforms
The central government has raised the number of state-owned enterprises targeted for reforms to 21 from 10 and will kick off the restructuring by the end of this year, China Securities Journal reported on Oct. 13. Speeding up the disposal of bad assets is included in the restructurings, according to Li Jing, the vice-chairman of China Enterprise Reform and Development Society.
Ningbo joins other cities with stricter ride-hailing regulations
Ningbo will join other cities in introducing tougher ride-hailing rules, requiring drivers to have local residency or a residence permit of longer than six months, and locally licensed vehicles, according to the website of the transportation commission of Ningbo. Beijing, Shanghai, Shenzhen and Guangzhou released similar restrictions on Oct.8. Premier Li Keqiang on Oct. 12 said local governments need to investigate ride-sharing issues, reported Sina Technology.
Strategic emerging industries plan to be released soon, says Economic Information Daily
The government plan to develop strategic emerging industries will be released soon, according to an Economic Information Daily report on Oct.13, which did not provide a specific date. China will focus on industries such as low carbon technologies, biotechnology that focuses on genes, the materials industry and high-end equipment manufacturing, according to the report that cited experts involved in drawing up the plan. The development will be part of the 13th Five-Year Plan starting 2016.
By Lin Wanxia, Poo Yee Kai & Benny Kung