An aerial view of a solar power station, which is able to generate 100 megawatt each year with investment of 1 billion Yuan (US$141.3 million). China is easing limits on inward investment. Photo: AFP

China’s State Council on Monday released guidelines to strengthen the development of a green and low-carbon circular economic development system, vowing to improve the utilization of renewable resources, including wind and photovoltaic power.

By 2025, China will see a marked rise in the scale of green industries, a continued drop in major pollutants and a slashed carbon emission intensity, the guidelines said.

According to the guidelines, energy and resource utilization efficiency in key industries and for key products is expected to reach an internationally advanced level by 2035, and the goal to build a beautiful China will be basically achieved.

The document outlines key measures to meet the targets, including developing green and low-carbon production, consumption and circulation systems. China has announced that it will strive to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060.

Cross-border investments

China is expected to achieve a breakthrough this year that would permit personal investment in securities and insurance products overseas and encourage two-way capital flows across the country’s borders.

The experts also hinted at the possibility of further removing limits on personal cross-border investment, Ye Haisheng, director of the Capital Account Management Department at the State Administration of Foreign Exchange (SAFE), wrote in an article published by China Forex magazine, a magazine under the SAFE.

Regulators are considering revising some relevant rules to allow individuals to invest in overseas securities and insurance products within the annual quota of US$50,000, Ye said. The new rules will encourage more capital outflows, which in turn will lead to a more flexible renminbi exchange rate and help promote the coming Wealth Management Connect scheme in the Greater Bay Area, according to the SAFE.

The SAFE will also study how to ease restrictions in an orderly way on outboard personal investment, amend the management regulations for individuals to participate in equity incentive plans of overseas listed companies and optimize the management procedure, Ye wrote in the article.

Under current rules, individuals can spend up to $50,000 per year on foreign currencies for travel, overseas study or work. However, there are strict rules on capital outflows

Copper demand

Prices of base metals stormed higher on Monday, with copper rallying above $9,000 a ton, putting the global economic bellwether on course for a record run of monthly gains on brightening market prospects and economic recovery hopes, experts said.

Benchmark three-month copper on the London Metal Exchange CMCU3 rose more than 3% to over $9,200 a ton in Asian markets on Monday, heading for an unprecedented 11th monthly rise streak in February. 

The most-traded March copper contract on the Shanghai Futures Exchange gained 5.99% to 67,370 yuan ($10,420) a ton during the Monday session, reaching a 10-year high to a level not seen since September 2011. Other industrial metals also advanced.

During the session the main contract of Shanghai tin rose 8%, reaching a new high since its listing, and Shanghai nickel rose more than 4% to a new high in 18 months, and Shanghai aluminum rose 1.91%.

Company news

ByteDance, the owner of the video-sharing platform Douyin, told the Global Times on Monday that the Fujian Provincial Higher People’s Court had agreed to hear the case it filed against Chinese tech giant Tencent over alleged unfair competition following Douyin’s move to appeal against transferring the case.

Douyin filed an appeal against the jurisdictional decision to transfer the case concerning Tencent, from the Fuzhou Intermediate People’s Court to the Shenzhen Intermediate People’s Court, as announced in December last year.

The Fuzhou Intermediate People’s Court held the view that the jurisdiction of the case shall be applied in accordance with the agreement with WeChat and QQ, Tencent’s instant-messaging tools. During the hearing, the court ruled that the case shall be based where the agreement was signed.

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