State Council moves to cut costs, boost jobs and services

Premier Li Keqiang announced that the State Council will cut costs by simplifying the approval of licenses, reducing taxes and fees to help promote entrepreneurship and innovation, job creation and the development of modern services, the Economic Information Daily reported. The cabinet said it would step up efforts to attract more foreign investment and treat Chinese firms and foreign companies equally.

PBOC governor warns of risks to financial system

Zhou Xiaochuan, the governor of the People’s Bank of China, stressed on Wednesday that risks to the financial system be “put on an even higher pedestal,” the Shanghai Securities Journal reported. Zhou also said the central bank will maintain a “stable and neutral” monetary policy and would give emphasis to so-called “supply-side reforms” in 2017.

Economy hindered by increasing family debt, insufficient liquidity

Increasing household debt and the lack of liquidity is a hidden problem hampering a healthy economy, the Economic Information Daily reported, citing a mid-year micro economic analysis. Household debt has been a heavy burden in China, especially for newly established families, with 44.6% of households facing insufficient liquidity in 2014.

Shenzhen caps interest on loans for internet financing

The city of Shenzhen’s municipal financial services office has released another ruling on peer to peer (P2P) and internet financing companies, stating that the sum of interest on loans, penalty charges and penalty interest cannot be more than 24% per annum, Yicai reported. The move comes a day after the office announced tightened rules on P2P lending.

SPIC ‘in talks’ with Huaneng Group on reorganization

The head of the State Power Investment Corporation (SPIC), one of China’s state owned electricity producers, said the company is “in talks” with the China Huaneng Group in connection with Huaneng’s reorganization, hinting at a possible merger, according to the Paper. Both China Huaneng and SPIC are among the largest electricity producers in China.

China Vanke spent US$10.3 billion on land in June

China Vanke, the second largest property company in China, spent 70 billion yuan (US$10.3 billion) buying up land in June this year, according to the Paper. Two of its residential and commercial buildings sold in Xiamen reportedly crossed the 20,000 yuan per square meter mark, the report said. Its total realised transactions also hit 49.13 billion yuan in June this year, a 15.87% increase from June 2016.

Beijing sees major progress in service industry pilot project

Beijing has reported 80% completion on the implementation of a comprehensive pilot project aimed at opening up the service industry, the Economic Information Daily reported. The State Council set up the pilot zone in Beijing in May, 2015, while speeding up implementation in three other first tier cities. According to the report, Beijing service consumption value increased 10.1% year on year in 2016.

MLSS offers paid leave for research staff to start a business

The Ministry of Labor and Social Security (MLSS) will permit paid leaves for research staff from colleges, universities and research institutions in order to start a business, Sina Finance reported. Staff can keep their basic salary and the performance of the business will be included as a qualification of their professional title.

China Sports Industry seeks first buyer in Aoyuan Property

China Sports Industry said that China Aoyuan Property has submitted documents expressing interest in buying the majority stake in the company from the General Administration of Sport, the Paper reported. The acquisition has to pass through the sport governing body as well as the finance ministry, the report said, citing the statement from China Sports Industry.

China among top ten in G20 innovation: report

China ranked eighth in innovation competitiveness among G20 countries in 2015, the only developing country on the top ten list, the Economic Information Daily reported. China scored 46.8 points in 2015 while the US got 78.6 points, the only country above 60 points.