Shanxi Coking Coal Group signed a 12-month contract to ship a total of 15 million metric tons of coal to Baosteel and five other steelmakers, reported Caixin on Wednesday evening. The deal, which will account for about 25% of the company’s annual output, fits with goal to stabilise prices through medium to long-term contracts.
China to beat targets on coal capacity cuts
China will exceed its target to cut 250 million tons of coal capacity this year, Xinhua reported on Wednesday, citing Jiang Zhimin, the vice president of the China National Coal Association. Coal prices should stabilize in early 2017, he said.
Shenzhen-Hong Kong Connect ready for launch
No date has been set for the start of the so-called Shenzhen-Hong Kong Connect stock trading system, but all the tests are complete and it’s ready to go, said Wang Yixuan, the director of the Hong Kong office of the Shenzhen Stock Exchange on Wednesday, reported Sina Finance.
Silk Road plans hi-tech ‘spatial information corridor’
Development of a high-tech ‘spatial information corridor’ using satellites to provide modern data coverage along the One Belt One Road countries is expected to create a slew of new business opportunities. The technology may also help support construction of roads and ports in the coming ten years, the Shanghai Securities Journal reported citing the government. The program will be open to private investment.
Shanghai tech start-ups open to foreign funds
Technology start-ups in the Shanghai free trade zone will be allowed to raise capital from overseas venture funds, according to reforms announced by the People’s Bank of China, reported the Economic Information Daily on Thursday.
Beijing house for sale gets 100 applicants
Over 370,000 families applied online for 1,962 units of so-called “self-use” residential houses in Beijing, or a subscription ratio of 100 applicants per house, reported 21st Business Herald citing the Beijing Housing Department. The houses cost 30% less than comparable commercial units, they cannot be sold for 5 years, and 30% of the profit on the sale goes back to the government.
A fishy tale involving Beijing supermarkets
Reports of live fish being pulled from supermarket shelves due to contamination from water pollution are incorrect, the China Food and Drug Administration said on Wednesday in a Weibo post. Rather vendors are removing the fish to avoid recently introduced inspections by the agency, reported Caixin on Wednesday evening.