The People’s Daily and Xinhua news agency started the week with stories highlighting the need for deeper and wider reform of the economy. In a front page editorial, the party newspaper published a “problem list” that included unaffordable housing, unbalanced industrial development and challenges to anti-corruption campaigns. Xinhua news agency continued the theme in a commentary published Sunday evening, stating reform of state-owned enterprises must ‘boldly’ continue under President Xi Jinping to transform China’s economy.
Industrial production to grow 6.2%: Caixin
China’s industrial production is expected to grow a median 6.2% in October from last year, according to a report by Caixin published Sunday evening that cited its own poll of 15 China-based economists. Fixed asset investments is expected to grow 8.1%, according to the report. The data is to be released on Monday morning.
Banks face real-estate investigation
Real estate lending by banks in 16 cities, including Beijing, Shanghai, Guangzhou and Shenzhen, is being investigated by the China Banking Regulatory Commission, reported the Securities Daily on Monday. The check includes whether asset management funds illegally enter the property market.
Ping An Bank to suspend third quarter bonuses
Ping An Bank will suspend third quarter bonuses until the end of the year as part of a drive to tighten internal controls, Caixin reported. The Shenzhen-based bank also plans salary reductions and job cuts.
NDRC to investigate surge in garlic prices
The National Development and Reform Commission will investigate if there has been any “illegal manipulation” of garlic prices, reported Xinhua on Saturday. Prices have soared more than 90% from last year. China accounts for 80% of the world’s garlic exports.
Heilongjiang sets coal capacity cuts
Heilongjiang, one of the three north-east provinces in China’s rustbelt, plans to cut coal capacity by 25.67 million metric tons and shut 44 coal mines within 3 or 5 years, reported China News Services on Saturday.
‘One Belt One Road’ trade 1 trillion USD in 2015
China’s trade with countries along the so-called One Belt One Road region reached almost US$1 trillion last year, The Paper reported on November 12, citing Zhang Xiaoqiang, the vice president of China Center for International Economic Exchanges. Zhang said China has invested in 49 of the 65 countries in the region and poured in US$15 billion last year, an increase of 18% from 2014. Pakistan was the key trading partner in 2015.
Innovation research spending US$208 billion
China’s investment in so-called innovation research in 2015 totalled 1.422 trillion yuan (US$208.41 billion), accounting for 2.1% of gross domestic production, reported China News Service on Sunday night.