China to remove price, turnover guidelines for IPOs, details investor participation | Reuters **All very good, but everyone knows the Party will remain deeply integrated** China’s securities regulators issued fresh details on their plans for the resumption of initial public offerings (IPOs) early next year, eliminating pricing and turnover controls for IPOs while detailing how investor participation will be managed.
Beijing is moving to reinvigorate its stock markets to make them more responsive to market forces in order to help lessen Chinese firms’ over dependence on bank loans for fundraising.
US approves anti-dumping probe against refrigeration products from China – BUSINESS – Globaltimes.cn The US International Trade Commission (USITC) on Friday approved the anti-dumping and countervailing duties investigations against imports of refrigeration products from China.
The products under investigation are refrigeration products whose technical name is 1, 1, 1, 2-Tetrafluoroethane, primarily used in automotive air conditioning systems.
China to sell 15-bln-yuan T-bonds – People’s Daily Online China’s Ministry of Finance announced on Friday that it would auction 15 billion yuan’s (2.45 billion U.S. dollars) worth of 91-day book-entry discount Treasury bonds on December 16.
The short-term bonds will be issued on a discount basis at the price of 98.827 yuan for each bill with a face value of 100 yuan, which is equivalent to an annual coupon rate of 4.87 percent.
Slowdown seen in petroleum use- Chinadaily.com.cn **Probably more down to greater fuel efficiency** The average annual rise in China’s petroleum use will drop to 2.5 percent during the years 2013 to 2020 as the government tries to slow down economic growth and reduce carbon emissions, said experts.
Children’s products below standard |Industries |chinadaily.com.cn **The head of this department should be in jail** The General Administration of Quality Supervision, Inspection and Quarantine examined 10,473 items of children’s products this year and found 644 of them, by 571 manufacturers and producers, below standard.
Slashing capacity ‘prime task’ for 2014 |Industries |chinadaily.com.cn **This suggest Xi-Li actually understand the problems in the Chinese economy** Tackling excess capacity will be one of the top tasks on China’s economic agenda in 2014, as the issue becomes a major challenge to maintaining the pace and quality of economic growth.
“The Chinese economy still faces downward pressure next year,” the Central Economic Work Conference pointed out on Friday, citing the capacity issue weighing down some sectors as one of the major challenges facing the world’s second-largest economy.
Shanghai court to hear lawsuit against Everbright Securities – People’s Daily Online A Shanghai court will hear a lawsuit against Everbright Securities after the broker was criticized for insider trading and fined 523 million yuan (84.75 million U.S. dollars).
Gas explosion at Chinese coal mine leaves 21 dead – Telegraph **Contrast with Qingdao disaster** An official at the Xinjiang region’s work safety bureau said that 21 miners were confirmed dead and another one who had been trapped was injured. The official, surnamed Wang, refused to give further details and said the incident was under investigation.
What a Difference a Year Makes – A Tale of Two Chinese Economic Work Conferences – China Real Time Report – WSJ **Promising start – economically, at least** When outgoing Premier Wen Jiabao attended his last central economic work conference last December, Beijing was preoccupied with housing prices, urbanization and growth. The new management clearly has different things on its mind.
The No. 1 priority in 2012 was “to improve macroeconomic regulation and control to ensure sustainable and healthy development.” That horse has clearly bolted. China’s economic growth is neither healthy nor sustainable, with industrial overcapacity and local government over-indebtedness – both priorities in this year’s document – looming over the nation.
Stop-start: Rising to the Challenge of China’s New Emissions Standards **Think I remember reading that motor exhausts are a small proportion of air pollution – but every little helps** Pollution in China earlier this year reached extreme levels, at one point measuring 40 times the recommended safety levels. With more than 13 million cars sold in China in 2012, vehicles remain a major source of the dangerous pollution levels causing the “airpocalypse” in big cities like Beijing. In response to growing public outrage, the Chinese government passed stringent new fleet-wide fuel economy standards requiring passenger cars to reach 34 miles per gallon (mpg) by 2015, and 47 mpg by 2020.
At the same time, China has an ambitious goal of putting five million electric vehicles (EVs) on the road by 2020. The country has a long way to go to meet that goal. Today, China has only 27,800 EVs on the road, 80 percent of which are buses. In support of reaching its goal, the government offers generous subsidies for buyers of electric passenger vehicles and buses.
Bank of America advises China default contracts to hedge debt storm – Telegraph Bank of America has advised clients to take out default insurance against Chinese debt, warning that monetary tightening by China’s central bank risks setting off a bout of serious credit stress in 2014.
Bin Yao, the bank’s credit strategist in Asia, said Chinese bond yields have already risen to the highest in a decade as the authorities seek to rein in rampant growth of the M2 money supply and excess credit, yet markets remain “complacent” about the implications.
China’s brightened prospects | The A-List The let-down that China watchers felt when the much anticipated summary communique came out of the third plenum of the Communist party was soon overridden by the ambitious agenda laid out in the subsequent “decision” document. Despite the vagueness of the communique, the “decision” provided a comprehensive reform programme that, if acted upon, will absorb the energies of this generation of senior leaders and beyond. Ironically, rigorous implementation of these reforms will alter market incentives so that annual gross domestic product growth in the coming years could rise to 8-plus per cent even as the recent Central Economic Work Conference debated whether to lower the official target to 7 per cent to reinforce that quality now matters more than quantity.
As Foreign Firms Slow Capital Spending in China, State-run Firms Step In – China Real Time Report – WSJ One sign can be found in Chinese data on the sources of spending on fixed-asset investment, or FAI. The data track spending on big-ticket capital items like factories and other facilities and the big equipment found inside.
In the first 11 months of the year, overall FAI grew by 19.9% compared with the same period of 2012. But investment by foreign-funded ventures was much weaker, rising just 4.7% in the same period. By contrast, foreign funded FAI grew 14.5% during all of last year.
How Li Qiang Cheers Zhejiang’s Private Spirit – At the center of Zhejiang’s latest economic adjustments is provincial Governor Li Qiang. He’s been pushing for market-boosting reforms since taking office early this year. And although new to the job, Li has won central government support for his efforts to encourage privatization and streamline financing.
Another Chinese Contract for Alcatel – Yahoo Finance Alcatel Lucent SA (ALU) was selected by China Telecom Corp. Ltd. (CHA) to support the latter’s LTE-TDD and LTE-FDD deployments in 12 provinces. The financial details of the contract were not disclosed. Alcatel is among the top three suppliers for China Telecom in supporting its LTE TDD and FDD modes.
China Merchants Property Plans Land Bank Expansion in 2014 – Bloomberg The developer, on track to meet its 40 billion yuan ($6.6 billion) sales target this year, will be “more active” in buying land in 2014, said Liu Ning, the company’s board secretary, without elaborating. Home prices in major cities will rise further next year on a supply shortage and will be “relatively stable” in second-tier cities, she said.
China Unicom Releases A Kid Tracking Wristband Smartphone Beijing Branch of teleco China Unicom unveiled a GPS wristband smartphone, which enables parents to keep track of their little kids who are too young to use more complicated smartphones (report in Chinese).
There are only four keys on the wristband, to which parents can set four contact numbers. The product can locate the kids wearing it and update their historical tracks via short messages, Internet or apps. Kids can send SOS alerts in case of emergencies.
New Sanlu seeks to shake off image tainted by scandal|chinadaily.com.cn **’Scandal’ putting it mildly** Sanlu Group, a State-owned dairy products company based in Shijiazhuang, capital of Hebei province was the original owner of the brand. At the time, Sanlu was one of the oldest and more popular brands of infant formula in China.
But in 2008, authorities found that melamine, a chemical that creates kidney stones, was added into infant milk powder to make it seem richer in protein during food safety tests.
The tainted milk powder claimed the lives of six infants and sickened tens of thousands of children. The scandal forced Sanlu Group into bankruptcy.
As China’s demand for domestic help grows, Ayibang gets funding **Please, someone get them to change that name** With China’s growing rank of middle classes and ever more hectic urban lifestyles, there’s inevitably a new niche market that needs serving: maids. Part-time domestic helpers are increasingly common in mainland China, and online services are popping up to match cleaners with households. One of these, Ayibang, is a strong contender. Today the startup revealed it has secured series A funding to help grow its platform.
Alibaba Accuses Tencent’s WeChat of IPR Infringement | Marbridge Consulting – China Wireless News **Yes, this made me laugh, too** Chinese e-commerce giant Alibaba Group’s mobile instant messaging service, Laiwang, recently released a long statement on its official Sina Weibo microblog accusing the newly launched “Weishequ” (“WeCommunity”) public accounts forum feature on Tencent’s (0700.HK) WeChat (Weixin) mobile messaging application of copying Laiwang’s “Zhadui” interest and topic-based groups feature. Tencent has not yet responded to the accusation.
Australia lifts restrictions on Chinese mining company｜Companies｜Business｜WantChinaTimes.com Australian treasurer Joe Hockey announced Wednesday that the Australian government has made a decision to remove certain foreign investment conditions placed on Yanzhou Coal Mining Company, a Chinese state-owned enterprise, restricting its ownership of Yancoal Australia Limited, an Australia-based coal producer of Yanzhou Coal Mining Company.
Posted from Diigo.