A total of 2,041 state-owned companies have been identified as “zombie enterprises,” the Economic Observer reported at the weekend, citing the State Assets Supervision and Administration Commission. Together, their assets amounts to over 3 trillion yuan (US$435.52 billion) and the government will need to restructure their financial, labor, and asset matters.
President Xi Jinping says China will remain open for business
China will continue to provide the world with a larger market and expanded business opportunities, President Xi Jinping said at the Asia-Pacific Economic Cooperation summit on Saturday in Peru. Over the next five years, imports will total US$8 trillion, use of foreign capital US$600 billion, overseas investment US$750 billion, and outgoing tourists will reach 700 million people, reported the Securities Daily.
Regulator cracks down on market manipulation
Cases of stock market manipulation surged 68% in the first half of this year to 52 incidents as the China Securities Regulatory Commission started a crackdown, reported Xinhua news agency. A total of 26 offenders faced administrative punishment.
Index futures “linked” to stock crash last year
China’s stock market crash last year was “heavily linked” to stock index futures trading, according to Nie Qingping, the head of China Securities Finance Corp, Caixin reported Sunday evening. His comments come amid pressure to ease regulations on the index futures market.
Vanke Chairman implies Baoneng under regulatory pressure
China Vanke Co. Chairman Wang Shi said the company is choosing a route of “mixed ownership” and that Baoneng Group faces regulatory pressure over its hostile bid for Vanke, Sina Finance reported on November 20.