Xi Jinping, president and general secretary of the Communist Party of China: the status quo is not sustainable. Photo: Xinhua

Implementation of China’s 13th Five-Year Plan has been smooth with all the key strategic tasks and 165 major projects having been carried out, President Xi Jinping saays.

All targets and tasks set in the plan for 2015-2020 will be accomplished this year, Xi said on Thursday in a meeting of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee.

Further attention should be given to the planning for development in the 14th Five-Year Plan period, according to the meeting.

The central government would raise awareness of new features and requirements brought about by the changing major contradictions in Chinese society, the new contradictions and challenges brought by the complex international environment, as well as the important judgment that China will enter a new development stage in the 14th Five-Year Plan period.

Efforts should be made to nurture a new development pattern that takes the domestic market as the mainstay while letting domestic and foreign markets boost each other, connect China’s two centenary goals and secure a good start in fully building a modern socialist country, Xi said.

Qualified law practitioners

China has started a three-year pilot program to enable law practitioners from Hong Kong and Macao to practice in nine cities of Guangdong province on the mainland.

Qualified law practitioners from these regions should take a legal professional qualification test before applying for a certificate to practice law in the nine cities in Guangdong, according to guidelines issued by the General Office of the State Council.

A document containing the guidelines was released after the 13th National People’s Congress Standing Committee voted at its 21st session in August to adopt the decision to authorise the State Council to carry out the trial work in the cities of Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing, which are all within the Guangdong-Hong Kong-Macao Greater Bay Area.

Specifying the procedures for applying for the test and certificate, the document said certified lawyers can provide legal service regarding specified civil and commercial affairs using the mainland’s applicable laws in the nine cities.

Outbound investment

A senior official from the State Administration of Foreign Exchange (SAFE) said on Thursday that fresh quotas worth US$10 billion will be issued in several batches under the outbound Qualified Domestic Institutional Investor (QDII) scheme.

China will also expand the outbound schemes Qualified Domestic Limited Partner (QDLP) and Qualified Domestic Investment Enterprise (QDIE), which are being piloted in Beijing, Shanghai and Shenzhen.

The measures, which will be announced shortly, will better satisfy the demands of domestic investors for financial assets in the global market, according to the SAFE.

As of September 23, the foreign exchange regulator had approved US$107.34 billion total quota of QDII, and $3.36 billion quota was already allocated to 18 institutions, including fund management, securities and wealth management companies.

The QDLP program was launched in Shanghai in 2013 while QDIE was launched in Shenzhen in 2014. Both schemes offer channels for qualified domestic institutions to invest overseas.

Company news

Huawei Technologies said Friday that its revenue grew 9.9% to 671.3 billion yuan in the first three quarters of this year from the same period of last year. Net profit margin fell to 8.0% from 8.7%.

The company said its global supply chain was being put under intense pressure and its production and operations face significant challenges due to the pandemic. It said it would continue to do its best to find solutions, survive and forge forward, and fulfill its obligations to customers and suppliers.

Huawei said it would also leverage its strengths in ICT technologies such as AI, cloud, 5G, and computing to provide scenario-based solutions, develop industry applications, and unleash the value of 5G networks along with its partners. 

The stories were compiled by Nadeem Xu and Shan Hui and first published at ATimesCN.com.

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