Date
23 October 2017
Edward Kang Chairman Of Ever-Glory International Group

The Big Picture: EAST CHINA ROLE MODELS

China’s eastern provinces need to press on with industrial upgrades to become models for the rest of the country, Vice Premier Zhang Gaoli {張高麗} told local governments at an internal economic forum Monday, capping a four-day trip to Shanghai and Zhejiang province.

Zhang said a major factor in the overhaul will be private investment, which can help drive growth, advance market reform and create jobs. He urged local governments to streamline administrative approvals and create an open and fair environment for private capital to operate.

Eastern provinces should also nurture some niche industries, increase the quality and efficiency of their economies, encourage innovation and support technology start-ups, he said.

In addition, governments should improve environmental protection and cut pollution, Zhang told the assembled officials from Shanghai municipality and Jiangsu, Zhejiang, Anhui and Hubei provinces.

Before his trip ended Monday, Zhang visited Alibaba Holdings’ headquarters in Hangzhou, the international container port in Pudong and the newly established free-trade zone in Shanghai.

Zhang expects the country’s economy to remain stable this year and the mainland to meet its economic growth and social development targets.

Prior to Zhang’s visit to Alibaba’s headquarters in Hangzhou, Premier Li Keqiang {李克強} met the e-commerce giant’s chairman Jack Ma {馬雲}, together with a group of entrepreneurs, at a separate economic forum on Oct. 31, Xinhua news agency reported. Alibaba will see its reputation grow as the central government will continue to use it as a successful example to outline the nation’s progress, according to observers.

Elimination of outdated capacity to be accelerated

The government is stepping up a campaign to eliminate outdated industrial capacity, aiming to complete the process by the end of the year, Xinhua reported Monday, citing Zhu Hongren, chief engineer of the Ministry of Industry and Information Technology. The ministry will give priority to major industries such as steel, electrolytic aluminum, cement and sheet glass manufacturing to eliminate outdated capacity one year earlier than the previous target, the report said. 

First batch of private banks may be unveiled by early 2014

Chinese authorities have come to a consensus on a trial scheme for private banks, the China Securities Journal reported Tuesday. The minimum capital requirement is set at 500 million yuan (US$81.98 million) to 1 billion yuan. In addition, shareholders are required to be private investors. A trial scheme will be discussed at the upcoming third plenary session of the Communist Party, with the first batch of private banks expected to be named by early next year.

NEEQ to start nationwide test run

The National Equities Exchange and Quotations Co. Ltd. (NEEQ), an equity exchange system for small- and medium-sized enterprises, will see a trial run expanded soon to cover the entire country, Shanghai Securities News reported Tuesday, citing a statement from the trading platform operator. The new trading system is expected to be launched in early 2014. About 2,000 firms outside the existing pilot areas have shown interest in joining the scheme. 

Shanghai land supply set to rebound this month

Shanghai is set to release 20 land parcels covering 818,000 square meters for auction in November, up 73 percent from the previous month, Shanghai Daily said on Monday, citing the latest report of real estate website operator Soufun.com. Six plots covering 278,000 square meters are said to have been designated solely for residential development, up from just one parcel, or 5,600 square meters, in October.

–Contact HKEJ at [email protected]

JP/AC/RC

 

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