Posted inAT Finance, Beijing, China, European Union, France, Germany, India, Japan, North Korea, Northeast Asia, Russia, South Asia, South Korea, United Kingdom, World

The Daily Brief for Wednesday, 17 May 2017

Road to Mandalay? How far will China’s US$1.3 trillion One Belt, One Road initiative will reach into Southeast Asia, asks Richard Javad Heydarian? Beijing has dangled various rich infrastructure initiatives across the region but few so far have commenced due to tussles over costs, labor and sovereignty.

Seoul, Pyongyang talks? South Korea’s unification ministry said on Wednesday that severed communication links with North Korea should reopen, reports Asia Times . South Korea’s new president Moon Jae-in, who says he seeks a dialogue with Pyongyang over its nuclear weapons program, is reportedly sending diplomats to the United States, China, Japan and Russia this month to discuss new approaches to North Korea.

Gandhis not untouchable: An Indian court’s refusal to stop tax proceedings against Sonia Gandhi and her son Rahul shows this powerful and privileged family are no longer above the law, reports E Jaya Kumar. The tax proceedings that have bought India’s most famous political dynasty to court are linked to a series of high profile money laundering cases.

OBOR’s European hitch: Only five state and government heads from the European Union attended the Belt and Road Forum in Beijing, writes Emanuele Scimia. What’s more, a number of European delegations, including Germany, France and Britain, refused to sign a final summit statement on trade because it did not clearly address such issues as public tenders and environmental and social standards.

Posted inAT Finance, China, Hong Kong, Northeast Asia, Russia, Shanghai, South Asia, World

China Digest for Wednesday, 17 May 2017

Agreement struck on HK-mainland ‘Bond Connect’

The People’s Bank of China and the Hong Kong Monetary Authority (HKMA) have agreed to set up links between the city and mainland bond markets similar to the stock connect schemes with Shanghai and Shenzhen, Caixin reported. The “northward link” allowing overseas investors to buy mainland bonds through Hong Kong will be set up first.

Shanghai, Shenzhen stock exchanges’ plans take effect on July 1

The Shanghai and Shenzhen stock exchanges issued investment management plans on May 16 unifying requirements for investors with the China Securities Regulatory Commission and raised barriers in the bond market. The plan will take effect on July 1.

No need to worry, it’s business as usual, says Agbank

Agricultural Bank of China said on Tuesday evening that business operations were normal after the China Banking Regulatory Commission’s routine on-site inspection sparked speculation, Yicai reported.

Sustainable path required to cut coal dependency: NEA boss

The country “cannot simply reduce” its reliance on coal, but must find a sustainable path to fulfil its development needs, said Li Zhi, the head of the National Energy Administration, in the Paper on Monday evening.

Tougher rules on non-locals buying homes in Chengde city

Non-local residents of Chengde city, Hebei province, should provide no less than one year’s social security proof or tax certificates to purchase property and will not be allowed to sell their new homes for two years after receiving a property certificate, the Paper reported.

State oil firms invest US$50 billion into Obor joint projects

State-owned oil enterprises announced US$50 billion worth of investments in countries involved in the Belt and Road initiative. Petrochina will focus on gas, while Sinopec is seeking cooperation with Russia, Mideast and Southeast Asian nations.

CBRC plans to regulate online lending

The China Banking Regulatory Commission plans to set up new laws to regulate the peer-to-peer online lending industry, including management of deposits, small loans and information disclosure.

New Third Board queries 44 firms’ 2016 financial reports

The country’s over-the-counter trading board, better known as the New Third Board, issued notices to 44 companies questioning details of their 2016 financial reports, the Economic Information Daily reported.

Support for robotics industry to be announced

A slew of guidelines to support the robotics industry will be announced in the near
future, the state-owned Economic Information Daily reported on Wednesday, a day after the opening of the fourth edition of the China Robot Summit. Two billion yuan (US$290 million) in funds was already in place, it said.

Aviation administration to regulate drones

Any unmanned aerial vehicles (UAV) above 250 grams must be registered from June 1 to ensure the safety of passenger flights, the Civil Aviation Administration of China (CAAC) said in a Sina Finance report.

Tangshan will support set up of 1,000 SMEs by year-end

Hebei province’s steel city Tangshan will nurture the development of enterprises and support the establishment of 1,000 SMEs by the end of this year after slashing production capacity by 52% in 2016, the Paper reported.

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