A member of Monetary Policy Committee of THE PEOPLE’S BANK OF CHINA (PBC), Fan Gang, said that he believes PBC does not want to have $4 trillion (it currently has about $3 trillion) foreign exchange reserves. It’s maybe a good thing if the foreign exchange reserves fall down to $2 trillion, but PBC does not want the change from 4 trillion to 2 trillion to occur overnight.
Zhang Gaoli, vice premier of State Council of the People's Republic of China, pointed out that China will unswervingly implement the opening up strategy, vigorously optimize the environment for foreign investments, further relax foreign investment accesses of the service industry, manufacturing industry and mining industry, support foreign-invested enterprises get listed and issue bonds in China’s market. For aspects including licensing, standard setting, government procurement and enjoying the "Made in China 2025" policy, both domestic and foreign enterprises will be treated equally.
Zhou Xiaochuan, the governor of THE PEOPLE’S BANK OF CHINA (PBC), said that globalization has already occurred, we must face up to reality. Any tariff arrangement should support trade, rather than hinder trade. We hope to see a clearer expression of free trade and globalization at the G20 Hamburg Summit in July.
Deputy Minister of Ministry of Industry and Information Technology of the People's Republic of China, Xu Lejiang, said that China has more than 800 million tons of crude steel production, and nearly 100 million tons of "ground bar steel" production, which is bad money driving out good money. If these steel were used on the highway, on the dam or on the high-rise buildings, it definitely will cause endless harm.
On March 25th, NATIONAL EQUITIES EXCHANGE AND QUOTATIONS (NEEQ) issued the Notice on the Establishment of Effective Price Range for the Transfer of Stocks according to the Agreement. The notice announced that for stocks transferred according to the agreement, the declared price should not be higher than 200% of the previous closing price and not less than 50% of the previous closing price, the declaration beyond the effective price range is invalid. The above provisions shall come into force on March 27th, 2017.
Caixin.com news, Yang Kai, chairman of China Huishan Dairy Holdings Company limited, admitted that the company’s capital chain broke, but said that the company will sell part of the equity to introduce strategic investors, and raise 15 billion yuan through the reorganization within a month to solve the funding problem. In addition, there are rumors that PingAn Bank’s forced liquidation caused the plummet of Huishan Dairy stock price, PingAn Bank responded that 3.344 billion shares are all pledged, the news of PingAn Bank’s forced liquidation is not true.
Xu Zhen, chairman of SHANGHAI CLEARING HOUSE, said that during the process of internationalization of the RMB, to achieve "bond connect" first is a viable way of interoperability. The bond market dominated by treasury bonds will have faster progress of the strengthening of cooperation. It should open in the inshore bond market and the money market first, then the stock market and the capital market.
Caixin.com news, the concept of sharing bicycles has been hot, the traditional bike manufacturers Youon Bike wants to take advantage of the IPO. On March 24th, Youon Bike submitted a new version of IPO application, with an intention to publicly issue 24 million new shares, accounting for 25% of its total capital stock, with 1 yuan face value each and being listed on SHANGHAI STOCK EXCHANGE (SSE), it plans to raise about 598 million yuan, the funds will be used for technical R & D center construction, supplement of the construction of public bicycle system, repayment of bank loans and so on.
Xinhua News Agency reported, this year, Beijing subway will construct and open the first unmanned driving line in mainland China- YANFANG Line. The line will adopt unmanned subway vehicles and technology researched and developed by China independently, it is also Beijing's first fully automated driving routes.
CAIJING Magazine news, China and Russia will set up two investment funds, respectively, focusing on infrastructure construction and mining industry, the total size will reach 10 billion US dollars. This investment fund, which is jointly funded by the Russian side, the Chinese state-owned enterprises and private enterprises, is a new model. If the investment scale in the next five years is in place, it will exceed the current stock of Chinese investment in Russia.
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