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银监会再发文 禁止消费金融公司向现金贷“输血”_金融频道_财新网
银监会发文重申整肃现金贷新规的多项规定,禁止持牌消费金融公司向没有资质的现金贷平台提供资金、联合放贷,并禁止其投资以现金贷为基础资产的(类)证券化产品
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2 days ago by bbishop
China Unicom Strives to Connect to Users in Overhaul Push - Caixin Global
As part of companywide reforms at the state-owned telecommunications operator, many Beijing Unicom departments have been merged or dissolved. For example, the legal department was absorbed into the planning department, the Beijing Unicom source told Caixin. The legal department’s general manager was scored well enough to “stay,” but since his department no longer existed and his work was so specialized, it was hard for him to find a new position in the reorganized company. Beijing Unicom is only one of dozens of local Unicom subsidiaries that have undergone personnel cuts in recent months
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2 days ago by bbishop
HNA Executives Talk Credit With Banks Amid Loan Repayment Concerns - Caixin Global
The Chinese conglomerate said in a statement on Thursday that its deputy chairman and deputy financial officer had met with representatives from eight policy and commercial banks to discuss the company’s credit facility for 2018. The talk came after Lucky Airlines, one of HNA’s units, sold a bond at the highest coupon rate in the unit’s history, as well as amid media reports that said the group and some of its units have delayed loan or fee payments recently.
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2 days ago by bbishop
Factory Output Growth Slows, Consumption Firms - Caixin Global
Value-added industrial output, which measures production at China’s factories, mines and the utility sector, rose 6.1% last month from a year ago, down from an increase of 6.2% in October, mainly dragged by a decrease in the mining sector, data released by the National Bureau of Statistics (NBS) showed.

Fixed-asset investment excluding rural households, a key driver of domestic demand, grew 7.2% year-on-year in the January-November period, according to NBS data. Property investment grew 7.5% over the same period, down from 7.8% in the first 10 months.

Retail sales, which include spending by households, government departments and businesses, increased 10.2% in November from a year ago, up from a 10% growth in October. It was slightly lower than the median forecast of a gain of 10.3% in a Bloomberg News poll of economists.
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2 days ago by bbishop
Following Fed, China Hikes Interbank Rates - Caixin Global
But the hike was marginal as the Chinese central bank tries to avoid destabilizing domestic financial markets already nervous about tighter liquidity. The People’s Bank of China (PBOC) increased interest rates on seven-day and 28-day reverse-repurchase agreements by 5 basis points to 2.5% and 2.8% respectively. It also raised the interest rate on the one-year medium-term lending facility (MLF) by 5 basis points to 3.25%.
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2 days ago by bbishop
Wanda says it does not have a cash flow problem, denying allegations made by WeChat blogger | South China Morning Post
On Monday, a Chinese blogger using a public WeChat account published an article titled “The Waterloo of Wang Jianlin” that said Wanda “obviously had its cash flow cut off”. The blogger referred to a June decree from China’s banking regulator which instructed the country’s largest lenders to cut off funding and reject any financing applications for six of Wang’s overseas acquisitions.
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2 days ago by bbishop
Lexinfintech slashes U.S. IPO size as China reins in micro-lenders - Reuters
Chinese consumer lending firm Lexinfintech has slashed the size of its U.S. initial public offering by two-thirds to a maximum possible $151.8 million, following a recent crackdown by Beijing on fast-growing online micro-lenders.
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2 days ago by bbishop
China Firms Ditch Bonds for Banks in Search for Funds - WSJ
Chinese companies are turning away from capital markets and heading back to state-owned banks to raise cash, in a reversal of Beijing’s previous efforts to modernize the way the corporate sector in the world’s No. 2 economy is funded. China’s bond and stock markets have provided about a quarter of all financing for companies in the past two years. This year, that proportion is down to just 6.6%, according to figures from Wind Info.
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2 days ago by bbishop
China's Home Sales Reverse Declines for Biggest Gain in 5 Months - Bloomberg
Sales by value, excluding affordable housing, increased 12.4 percent from a year earlier to 1.02 trillion yuan ($151 billion), according to Bloomberg calculations based on data released Thursday by the National Bureau of Statistics. Sales fell the two previous months.
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2 days ago by bbishop
China Just Posted a Record Surge in Inward Foreign Investment - Bloomberg
A slew of new businesses setting up shop in China drove a 91 percent jump in foreign direct investment last month, the biggest increase in data going back two years. Some 4,641 new foreign companies set up in the world’s second-largest economy in November, up 162 percent from the same period a year ago, Ministry of Commerce spokesman Gao Feng told reporters Thursday when unveiling the numbers. That helped fuel the increase in FDI, Gao said.
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2 days ago by bbishop
China Tightens After Fed as Policy Makers Seek to Soothe Markets - Bloomberg
Hours after the Fed’s quarter percentage-point move, the People’s Bank of China, citing market expectations, increased the rates it charges in open-market operations and on its medium-term lending facility, though making smaller adjustments than the U.S.

Markets took the announcement in
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2 days ago by bbishop
王健林的滑铁卢:狂甩资产 还将几乎失去整个万达_新浪财经_新浪网
据财新报道,为了这个项目能够立项审批,当地政府配合万达,把这个项目北区6000多亩土地,分成52个地块分别立项、审批和土地出让。   应该只是巧合。2017年8月,吉林省纪委宣布,原白山市委原书记李伟涉嫌严重违纪,接受组织审查。李伟是万达长白山项目最初的引入者。据北京万达索菲特酒店的朋友说,李伟是这家酒店的常客。   应该也只是巧合。今年十一,万达长白山项目两个高尔夫球场都被取缔了。
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2 days ago by bbishop
US accuses China of failing to flag seven firms to the WTO as state trading enterprises | Reuters
The United States has notified the World Trade Organisation (WTO) of seven Chinese companies that it says should have been flagged as state trading enterprises under WTO rules, according to a WTO filing dated November 29 and published on Wednesday...The latest list is a second instalment, including the energy and chemicals firms China National Offshore Oil Corporation, Sinochem Group and China International Petroleum and Chemicals Co Ltd. The other names on the new US list are China Tobacco International Inc, China National Agricultural Means of Production Group Co, Chinatex Corporation and Xinjiang Yin Long International Agriculture Cooperation Co Ltd.
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2 days ago by bbishop
Scaramucci Defends Skybridge Deal After Buyer HNA Faces Fire - Bloomberg
Asked why the deal, announced in January, hasn’t closed, Scaramucci responded, "You’d have to call the Treasury department for that." // Comment: HNA is having an increasing hard time rising reasonably priced capital to fund deals, Beijing is pressuring it to reduce its overseas portfolio, the US government is very suspicious of the firm, and the mooch is far less politically valuable than he was when the deal was announced. I doubt the deal will close
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2 days ago by bbishop
China to step up SOE supervision - Xinhua
State-owned enterprises (SOEs) should strengthen the role of board of supervisors, improve corporate governance and bring in more private investment to enhance competitiveness and performance, said a statement released after a State Council meeting chaired by Premier Li Keqiang on Wednesday.
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2 days ago by bbishop
China will intensify SOE reform to boost quality and efficiency - Xinhua
The meeting, which heard a report on the reform, supervision and inspection of central SOEs by the Supervisory Board of Key Large State-owned Enterprises, decided that the management system of state-owned assets will be improved, and a list of powers and obligations on state assets supervision and management will be formulated to enable precise by-category supervision. Enterprises will be given effective autonomy in their operations as the government deepens the reform to streamline administration, enhance compliance oversight and provide better services.

Solid steps will be taken to cut outdated excess capacity, and the issue of "zombie enterprises" will be handled in a timely fashion. Deleveraging the SOEs and reduction of corporate debt will be prioritized to keep risks under control.
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2 days ago by bbishop
李克强:更大激发市场活力 更好保障和改善民生--时政--人民网
李克强来到湖北自贸试验区武汉片区政务中心,对这里推行企业、群众办事“马上办、网上办、一次办”的做法表示肯定。听到通过下载APP软件,手机上就可办理工商、税务、社保等事项,李克强询问围拢的群众是否下载了软件,办事是否更方便。他叮嘱工作人员,要把自己当作办事企业和群众换位思考,针对办事中的难点堵点加大改革力度,更多运用互联网+政务服务,打造更好营商环境。

China Daily on Li's comments during the Hubei trip http://www.ecns.cn/business/2017/12-13/284177.shtml Li says free trade zones should stimulate market :

On Monday, he presided over a meeting in Wuhan, Hubei's capital, focusing on pilot free trade zones. Li called on the zones to build a modern economic system and promote higher-quality development, as stipulated by the 19th National Congress of the Communist Party of China, which concluded in October.
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2 days ago by bbishop
Writing New Rules for the U.S.-China Investment Relationship
The United States should aim for a version of reciprocity that allows it the flexibility to maximize pressure on the broad range of Chinese industrial policy concerns while leaving a clear route to negotiations. - Jennifer M. Harris
Nonresident Senior Fellow, Brookings Institution
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2 days ago by bbishop
Noncompliant P2P Lenders to Be Out by Mid-2018 - Caixin Global
Local banking regulators have until the end of June to weed out noncompliant peer-to-peer (P2P) lenders, according to a circular issued by a special working group led by the China Banking Regulatory Commission (CBRC). The working group’s years-long campaign to inject discipline into the 1 trillion yuan ($151 billion) P2P lending market is approaching an advanced stage. The watchdog aims to install unified regulations and evaluation metrics, which will be adopted by local regulators, to oversee the thousands of P2P lenders scattered across the country
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3 days ago by bbishop
银监会:积极稳妥推进对外开放 实施内外一致的银行业股权投资比例规则 | 每经App
银监会指出,相关开放政策的落地实施需要修订现行法规和监管制度,建立及完善相应的审慎监管机制和配套措施,做好新老政策衔接。 银监会强调,积极稳妥推进银行业对外开放,合理安排开放顺序,在拓展开放政策空间、增强市场活力的同时,不断完善监管,坚决维护金融体系稳定,守住不发生系统性金融风险的底线。
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3 days ago by bbishop

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