China will reduce inefficient planting of corn on 10 million mu (1.65 million acres) of land in 2017 while expanding and improving the dairy and hog industries, the Ministry of Agricultural said in a report by the Shanghai Securities Journal on Monday evening. It will promote high-technology farming methods to revitalize the sector and encourage university graduates and veterans to enter the business.
Farm subsidies to favor eco-friendly methods
China’s Ministry of Finance and the Ministry of Agriculture will focus farm subsidies on eco-friendly and environmental policies, Xinhua reported.
ICBC signs US$2.16 billion in debt-to-equity deals
ICBC, China’s largest bank, has signed debt-to-equity deals worth a total 15 billion yuan (US$2.16 billion) with miner Shandong Gold Group and Jindong Development, one of China’s largest building materials companies, Shanghai Securities Journal reported on Monday evening. The Shandong deal is worth 10 billion yuan, Jindong the remainder.
Tianjin Binhai New Area GDP to exceed 1 tln yuan
The gross domestic product of Tianjin’s Binhai New Area is expected to exceed 1 trillion yuan by the end of this year, posting annual growth of 13% in the past three years, Xinhua reported Monday evening citing information from the area’s 3rd congress meeting. It will be the first state-level new area to exceed 1 trillion yuan in GDP.
Smaller banks struggle to meet risk standards
Small and medium size banks are struggling to meet the new financial risk standards set by the People’s Bank of China, Yicai reported on Monday evening citing Sun Haibo from the Financial Regulatory Institute. The problem is risk assessment of wealth management products aggressively marketed by the banks.
Beijing tightens control of local authority debt
The Finance Ministry will tighten its oversight of local government debt, reported Caixin on Monday evening. The ministry will check whether local governments illegally increase debt through means other than bonds and ensure private-public partnerships are properly accounted for, among other measures.
Property and estate tax needed, says academy
The government should impose property and estate taxes because the overheated property market threatens to crowd out credit to other industries, and poses a threat to economic development, the Chinese Academy of Social Sciences said in its so-called economic blue book released on Monday, Yicai reported on the same day.
ZTE acquires bus manufacturer Guangtong Bus
ZTE Corporation, a telecommunications company, aims to be a leader in the commercial vehicle industry in five years with the purchase of Guangtong Bus, reported Caixin on Monday evening. An analyst cited in the report said the move was prompted by competition in the network equipment market and US sanctions against the company.