Xi Jinping: financial stability crucial to national security
President Xi Jinping has called for increased efforts to maintain financial stability, according to Xinhua on Wednesday. This marks the first time that Xi has elevated financial stability to such a high level of importance, said Yicai in a separate report on Tuesday, adding that it signals ramifications for China’s shadow banking industry and high leverage in the finance sector. Xi called for strengthening of regulatory oversight on the financial industry, the Yicai report said. According to a Caixin report on Wednesday evening, various aims were laid out in a group study session involving politburo members and the heads of various regulatory agencies. These included strengthening controls over the macro-economy (PBOC), lessening systemic risks in the banking sector (CBRC), capital markets development and risk controls (CSRC) and strengthening insurance regulation (CIRC).
习近平：金融活经济活 金融稳经济稳
政治局首次就维护金融安全集体学习，监管将迎重大变革
习近平：做好金融工作 维护金融安全
Xiang Junbo under investigation in tycoon Guo’s fraud case: Beijing News
Beijing News reports that the former chairman of the Agricultural Bank of China, Xiang Junbo, has been under investigation since early April for supporting the bank in lending 3.2 billion yuan (US$ 464 million) to Chinese tycoon Guo Wengui’s company at the end of 2009. The report mentions at least four high-level executives in Guo’s company who cheated the bank with fake stamps, contracts and receipts. Xiang was chairman of the China Insurance Regulatory Commission from October 2011 until this month.
郭文贵农行骗贷32亿内幕：项俊波支持 九成负债被抹
Gree Electric’s revenues up 11%, topping 108 billion yuan
Gree Electric has recorded revenue of 108.3 billion yuan (US$15.72 billion), up 11% year-on-year, in its financial report for 2016, Caixin reported on Wednesday evening. The company announced dividends of 18 yuan (US$2.61) per 10 shares (tax inclusive). Sales in key areas such as home appliances (up 6% from 2015) and air-conditioners (up 5% from 2015) contributed to the strong performance. Gree will look to diversity and enter the electric car and mobile phone sectors in future, the report added.
格力电器营收超千亿 分红过百亿
Voting rights to be denied to insurance shareholders who breach law
The China Insurance Regulatory Commission issued a new set of rulings on Wednesday regarding shareholders’ rights in insurance companies, Caixin reported on the same day. Shareholders who fall foul of the law, particularly with regards to investment behaviour, will not be allowed to exercise their voting and nomination rights, the report said. Insurance companies with a single majority shareholder will be required to implement a cumulative voting system for selecting their board, the report said, with the aim of increasing medium to small shareholder representation. The move follows increased regulatory oversight on the sector this month.
保监会：股东出资若违规 不得行使股东权利
Asset-backed securities issuance to grow: Moody’s
China has issued asset-backed securities worth 16 billion yuan (US$ 2.32 billion) since the China Banking Regulatory Commission allowed issuance again in May last year, and the total in circulation will continue to grow as the asset-class is further diversified, the Economic Information Daily reports, citing Moody’s.
穆迪：中国不良贷款ABS 发行将继续增长
Iron and steel plants’ 1Q profits are well up
China Iron and Steel Association data showed member companies generated total profits of 23.28 billion yuan (US$ 3.38 billion), with only around 19% of member companies incurring losses, in the first three months of this year, Economic Information Daily reports. The companies made a combined 8 billion yuan loss in the first quarter of last year.
中钢协：促进钢铁行业 去杠杆步入快车道
Environmental ministry to coordinate major air pollution study
The State Council has confirmed that the central government will give special funding for the environment ministry to coordinate departments in setting out a clear roadmap and timetable to conduct a large-scale study on the cause of air pollution in the Beijing, Tianjin and Hebei province area, the Economic Information Daily reports.
国务院部署合力攻克大气重污染成因
Energy sector financing roadmap announced
The National Energy Administration vowed to formulate a “negative list system” detailing energy projects that can receive non-government financing by the end of June, the Economic Information Daily reports.
能源投融资体制改革路线图出炉
Xiongan unveils plans for 30 sq.km special economic zone
The Xiongan New District temporary committee unveiled new urban planning and land, registry and fixed asset investments plans on Wednesday afternoon, in its first press conference, China News reports. The 30 square kilometer area 160km south of Beijing is intended as a new special economic zones. The committee aims for “international standards”, with every inch of land to be planned for before construction begins, its head was reported as saying.
雄安新区启动区30平方公里 规划设计将面向全球招标
Amendment of Securities Law under discussion
The standing committee of the National People’s Congress is discussing amendments to the law on securities, Xinhua said on Wednesday evening. The committee will aim to address the 2015 stock market turbulence, the report said. The amended law will also look to strengthen investors’ rights and maintain the “stable development of the stock market” it added, without specifying how.
十二届全国人大常委会第二十七次会议分组审议证券法修订草案二次审议稿
