Date
20 October 2017
China Vice Premier Li Keqiang On Official Visit To Hong Kong

The Big Picture: ‘GOLDEN BALANCE POINT’

A week before the Chinese Communist Party’s 18th Central Committee kicks off its third plenum on Nov. 9, Premier Li Keqiang {李克強} said the country should figure out a “golden balance point” to ensure a healthy job market while stepping up the pace of economic reform.

As the economy has already entered a new development phase, it is “unrealistic” to maintain the robust growth rate that had been seen in the past, Li told a group of economists and entrepreneurs during an internal economic forum on Oct. 31. His remarks were carried on the government website on Sunday.

Given the nation’s 1.3 billion population, China will face a lot of problems, especially on the employment front, if it cannot maintain a certain pace of economic growth, the premier said. Therefore, the central government must strike a balance between maintaining growth and reforming the economy, he said.

In fact, it is very important to offer a long-term stable economic outlook for the public as well as enterprises and investors, Li said. There is lot of room for the nation to deepen its economic reform by boosting domestic consumption, encouraging private investments and fulfilling people’s basic needs, he said.

It is inevitable that some vested interests will oppose the reforms. However, the party should have strong determination to break the monopolies and gradually push forward various changes, Li said.

Li’s latest call raises hopes that authorities may launch some measures to gradually open up some monopolized sectors, including railways, telecom, and oil & gas industries, observers say. 

Chinese overseas mining investment said to have fallen 10.9% in Jan-Sept

Chinese investment in overseas mining projects fell 10.9 percent to US$3.14 billion in the first nine months of 2013 from the same period last year, China Securities Journal reported Monday, citing data from the China Mining Association. The decline came amid falling prices of mine products in the wake of depressed global demand. 

Public housing rental trial scheme kicks off in Zhengzhou and Yantai

The government has begun a trial scheme on public rental housing, Chongqing Times reported Sunday, citing unnamed sources. It involves the gradual phase-out of low-cost, for-sale houses and turning them into rental units, the report said. The scheme has been implemented in Zhengzhou in Henan province, and in Yantai in Shandong province. 

Happy Life Insurance may launch mortgage pension products by 1Q

Happy Life Insurance Co. Ltd. said it has been asked by the Chinese government to present housing reverse mortgage products and launch them in the first quarter next year, Beijing Youth Daily reported Sunday, citing the firm’s chairman Meng Xiaosu. The products enable the elderly to pledge real estate to banks and insurers in exchange for pensions or accommodation in care homes.

Beijing to step promotion of visa-free stays

Beijing plans to roll out more incentives to promote 72-hour visa-free stays to transit passengers, China Daily reported Sunday. Authorities in the Chinese capital said they are considering offering discounts at hotels and shopping areas, and working with airlines on ways to drum up the program. Beijing Capital International Airport said visitors may get exclusive discounts and free accommodation if they spend a certain amount at the airport. 

–Contact HKEJ at [email protected]

JP/AC/RC

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