A round-up of must-read stories in China’s economic and financial press as of Friday, 29 March 2024.
Xi Jinping wants to inject “positive energy” into Sino-US relations (CCTV)
On 27 March, President Xi Jinping met with representatives from the U.S. business community and the geopolitical academic community at the Great Hall of the People in Beijing.
“I am very happy to meet friends from the American business community and academia and welcome you to visit China,” Xi said.
“What is the relationship between China and the United States? Whether the two countries are in confrontation or cooperation has implications on the well-being of the two peoples and the future and destiny of mankind.
“China and the United States’ respective successes are opportunities for each other. As long as both sides regard each other as partners, respect each other, coexist peacefully and cooperate for win-win results, Sino-US relations will improve.”
China to announces new measures to expand economic opening at Bo’ao Forum (Xinhua News Agency)
Zhao Leji, Chairman of the Standing Committee of the National People’s Congress, engaged in discussions with representatives of Chinese and foreign enterprises at the Bo’ao Forum in Hainan on 27 March.
During discussions with the representatives of Chinese and foreign enterprises, Zhao thanked these entrepreneurs for their active participation in China’s reform, opening up and economic development.
“China advocates inclusive economic globalization, opposes all forms of unilateralism and protectionism, and is willing to closely tie its own development with the development of other countries.
“China is adopting a series of new measures to expand high-level opening up and sincerely welcomes partners from all countries.
“The National People’s Congress of China will continue to promote mutually beneficial cooperation between China and foreign countries in terms of legal systems; safeguard the legitimate rights and interests of enterprises, and promote a higher level of opening up to the outside world.”
Beijing cancels “divorcee home purchase restrictions,” first-tier cities further adjust real estate policies (Securities Daily)
On 27 March, reports emerged that Beijing had abolished its ban on the purchase of homes by individuals who had filed for divorce within the past three years.
It is worth noting that the optimization of home purchase policies is a key theme for the Chinese real estate market this year.
This year’s “Government Work Report” called for the optimisation of real estate policies,” while a meeting of the State Council held on 22 March also proposed “systematic planning of relevant support policies to effectively stimulate potential demand and increase the supply of high-quality housing.”
Chinese central bank flags launch of financial stability law (China Securities Journal)
Pan Gongsheng (潘功胜), head of the People’s Bank of China (PBOC), said that China has always attached great importance to proactively preventing and defusing financial risks, and described in detail further measures to enhance China’s financial safety net.
These measures include:
- Strengthening corporate governance and risk management of financial institutions,
- Strengthening financial and regulation, including macro-prudential management and behavioural supervision.
- Strengthening the protection of finance resources by means of deposit insurance funds, securities investment protection funds, trust industry protection funds and financial stability protection funds
- Make full use of PBOC’s role as a lender of last resort. PBOC has played an important role in effectively safeguarding China’s financial stability, via the reform and reorganization of large banks, financial risk resolution, and systemic financial risk prevention and control.
- Strengthen legal protections for financial stability. China is formulating a financial stability law and is striving to build a risk-handling responsibility mechanism for equal rights and responsibilities.
Securities regulator targets “revolving door” between officialdom and business, will strictly punish bribery on the capital market (Securities Journal)
On 26 March, the China Securities Regulatory Commission (CSRC) announced that it recently held a meeting on strict and comprehensive party governance and disciplinary inspection work.
The meeting called for focusing on expunging the soil and conditions for corruption on the capital market, and comprehensively advancing the struggle against corruption.
This will include driving specialist rectification of corruption =when it comes to approvals of securities issues, striking hard against the “revolving door” between officialdom and business and expand the rapid disposal of new forms of corruption and hidden corruption.
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