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The Daily Brief for Tuesday, 9 May 2017

Nǐhǎo, Comrade Macron: Xi Jinping was among the first world leaders to congratulate French President-elect, Emmanuel Macron, and it could be the start of a beautiful relationship… if the Chinese media is to be believed. Lin Wanxia writes that Chinese commentators have eagerly introduced Macron as a keen student of modern Chinese history with a deep interest in Mao Zedong and Deng Xiaoping.

OBOR or bust: Beijing says 47 state-owned enterprises have participated in 1,676 projects in three years of One Belt, One Road initiatives, reports Asia Times. As growth in China’s economy slows, the success of the OBOR programs – and the role of state-owned industries within them – are increasingly important to Beijing.

Fake news, Asian-style: Governments across Southeast Asia are increasingly labeling critical reporting as fake news, opening the way for even more censorship and regulation of the news. David Hutt writes that regional governments have struggled to put censorship controls onto fast-growing online media outlets but the fake news claims are now providing the perfect crackdown excuse.

Bollywood to Beijing: Aamir Khan’s film Dangal, the story of a wrestler whose two daughters grow up to be wrestling champions, launched in early 2017 and quickly became the biggest ever Indian film. Russell Edwards reports that the film has just opened in China and, with an impressive weekend box office take of US$11.2 million, has made it to the No.2 spot in the country’s movie charts.

Facebook, Asia crash! The world’s largest social media site, Facebook, was down in large parts of Asia, Australia and North America on Tuesday morning and twitter was also down in Hong Kong, reports Johan Nylander. The Facebook crash reportedly locked users out of applications which are linked to it via automatic login, including Tinder, Netflix, Instagram and numerous e-commerce and fitness apps.

Posted inChinaShanghai

China Digest for Tuesday, 9 May 2017

Science City planned to give Shanghai innovation edge

Shanghai said it plans to build a 94 square kilometer science and technology park to foster innovation in the Yangtze River Delta, Yicai reported. Zhangjiang Science City will be built in the southeastern part of Shanghai, and the plans are now open for public comment, it said.

Shanghai sees trade zone, science park as driving reform, growth

Shanghai sees its free trade pilot area as a “breakthrough” and science innovation center a driving force for deepening reform and delivering economic growth, Han Zheng, Shanghai Municipal Party Committee Secretary, was cited saying by Sina Finance.

CBRC demands more market valuation of bank collateral

Banks must revalue those types of collateral with high price volatility, the China Banking Regulatory Commission said in new rules issued on Monday, the Paper reported.

SASAC sees global goals in OBOR drive

Over the past three years, 47 state-owned enterprises have participated in 1,676 projects along the countries that make up the One Belt, One Road initiative, Xiao Yaqing, director of SASAC, the central government agency that oversees the state’s biggest companies, was cited by the Securities Daily as saying. He added that the participation of SOEs on the OBOR initiative aims to deepen cooperation between countries on equipment, technology, management and other areas in order to promote sustainable development of the global economy.

Non-reserve financial account deficit narrows in Q1

The non-reserve financial account deficit narrowed significantly to US$21.5 billion in the first quarter, of which outbound direct investment decreased 43% from the previous three months, SAFE data show, Sina reported.

State Administration of Taxation helps companies go global

The tax authorities saved Chinese companies 13.2 billion yuan in overseas tax bills since 2013, with 181 cases handled through bilateral negotiations, Sina News reported. The State Administration of Taxation is now compiling information on the tax situation with 95 countries, including those along the “One Belt One Road” area.