Headlines from China
Shanghai Daily Nation
Updated: 8 hours 48 min ago
Tourists take photos as the setting sun yesterday shone through the Seventeen Arch Bridge, a spectacle that only happens around the winter solstice and lasts for 20 minutes each day, at Beijing’s Summer Palace. Thousands of visitors are drawn here to catch the moment. Built in 1750, the bridge is one of the most popular spots of the former Qing Dynasty’s (1644-1911) imperial garden. The bridge was designed with 17 arches so that when counted from either side, the central arch is always the ninth, a lucky number of the royal family.
CHINA will take targeted measures to address problems to improve the public’s overall well-being in 2018. The problems are related to childhood education, employment, pension insurance, medical treatment and online scams, the statement said. Prominent problems in education should be dealt with, such as heavy extracurricular burdens for primary and middle school students, “school-choosing fever” among parents and overcrowded classes in some schools. Problems related to infant care and childhood education should also be solved properly. The government will give particular attention to tackling structural unemployment and workplace discrimination based on gender and identity. The country will also reform and improve the basic pension schemes for urban employees and for rural and non-working urban residents, and quickly bring pension schemes under national unified management. As it is difficult and expensive to see a doctor in China, the government should continue its efforts to solve the problem. Private sector capital is encouraged to invest in health care.
CHINA has decided to maintain a prudent and neutral monetary policy in 2018 as the country strives to balance growth and risk prevention. “Prudent monetary policy should be kept neutral, the floodgates of monetary supply should be controlled, and credit and social financing should see reasonable growth,” the Central Economic Work Conference statement said. The tone-setting words came as China faces the dual task of ensuring stable economic growth and liquidity while averting financial risks accumulated over years of credit binges and lax regulations. Authorities have maintained a prudent and neutral monetary policy this year, keeping appropriate liquidity levels but avoiding excessive liquidity injections. The central bank has increasingly relied on open market operations for liquidity management, rather than cuts in interest rates or reserve requirement ratios. The statement reiterated that systemic financial risks should be forestalled. It said the yuan’s exchange rate will be kept basically stable at a reasonable and balanced level. On the fiscal front, the statement said “the proactive orientation of fiscal policy will be maintained, while the structure of fiscal spending should be optimized.” Authorities will ensure fiscal support for major fields and projects while reducing regular expenditures.
PREVENTING major risks, targeted poverty alleviation and pollution control will be the “three tough battles” for the next three years, Chinese authorities said yesterday. Progress should be made in fighting the “three tough battles” for securing China’s goal of becoming a “moderately prosperous society in all respects,” said a statement issued after the Central Economic Work Conference. Attendees at the meeting called for significant progress in forestalling major risks, intensified efforts in targeted poverty reduction and better results in pollution control in 2018. To defuse major risks, China will maintain a hard-line stance on irregular and illegal activities in the financial industry to forestall risks, the meeting pledged. China’s rapidly expanding financial industry is being placed under greater regulatory scrutiny as authorities step up efforts to curb widespread malfeasance in the sector to guard against risks. While addressing risks in major areas, policy-makers will also strengthen regulation of weak links, according to the statement. In the coming three years, the country will work to ensure the quality of poverty reduction efforts under current standards, and focus on helping special groups and eradicating abject poverty, it said. Pollution control will also be a key battlefield, with targets of a significant reduction in major pollutant emissions and improvement in the overall environment. Efforts should be focused on adjusting industrial and energy structures, eliminating outdated capacity and making the skies blue again, according to the meeting. The three-day annual conference, which started in Beijing on Monday, saw Chinese leaders review the economic performance in 2017 and map out plans. China has set 2020 as the target year to finish building a moderately prosperous society and completely eradicate poverty. To realize the goal, risk prevention, poverty alleviation and pollution control have all been high on the government’s agenda. China has lifted more than 60 million people out of poverty in the past five years, with the poverty rate dropping from 10.2 percent to less than 4 percent. As of the end of 2016, there were 43.35 million Chinese living below the national poverty line. In the first 10 months of 2017, China’s banking regulatory authorities imposed administrative penalties in 2,617 cases of irregularities in the industry, covering state-owned banks, joint-equity banks and city commercial banks. The Communist Party of China has also incorporated “Beautiful China” into its two-stage development plan for building a great modern socialist country, according to the report delivered at the 19th CPC National Congress in October. The government has passed its toughest-ever environmental protection law, and introduced a “river chief” system to protect water resources. Ecological “red lines” will also be drawn in certain regions to strengthen environmental protection, according to earlier planning. China has also vowed to increase imports and cut import tariffs on some products to promote balanced trade as part of its effort to push forward a new pattern of all-round opening-up. The country will expand free trade zone pilot areas and guide foreign investors to operate in the country in an efficient way, according to the statement. It said the country will push for nationwide implementation of a pre-establishment national treatment system as well as a negative list which determines where foreign participation is prohibited or limited. The negative list will become shorter and shorter, it said, adding that the country will improve laws and regulations and enhance protection of intellectual property. China will also move faster to put in place a housing system that ensures supply through multiple sources, provides support through multiple channels, and encourages both housing purchases and rentals. The country will develop its housing rental market, especially long-term leases, protect the rights of concerned parties, and support the development of professional and institutional housing rental enterprises, according to the statement. A long-term mechanism that promotes stable and healthy development of the real estate market will be improved while maintaining consistency and stability of regulatory policies. China will apply a differentiated property policy based on local conditions, according to the statement.
XI Jinping Thought on Socialist Economy with Chinese Characteristics for a New Era has taken shape, according to a statement released after the Central Economic Work Conference concluded yesterday. The thought is the “theoretical crystallization” of the past five years of practice in pushing forward China’s economic development, and the “latest fruit” of socialist political economy with Chinese characteristics, the statement said. It also described the thought as the “extremely precious spiritual wealth” of the Communist Party of China and the country. It must be adhered to for a long time and developed continuously. According to the statement, the thought is mainly based on the new development philosophy, which was put forward by Xi in 2015 and features innovative, coordinated, green, open and shared development. This year’s conference came after the CPC’s twice-a-decade national congress in October, during which Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era was unveiled and listed as a part of the guiding ideology for the Party in its amended Constitution. “High-quality development” is a key phrase of the conference. China’s economy has transitioned from a phase of rapid growth to a stage of high-quality development, said the statement. “High-quality development is the fundamental requirement for determining the development path, making economic policies, and conducting macroeconomic regulation at present and in the period to come,” it said.
China will solicit 20,000 messages which will be sent into space by a relay satellite for the Chang’e-4 lunar probe, according to China’s Lunar and Deep Space Exploration Center.The relay satellite will be launched in the first half of 2018 and Chang’e-4 lunar probe in the latter half of next year, said the center affiliated with the China National Space Administration.People all over the world can follow the WeChat account “slecbj” to submit their wishes from December 19 to March 6, 2018.The Chang’e-4 lunar probe will undertake the first ever soft landing on the far side of the moon and conduct in situ and roving detection and relay communication at the Earth-Moon Lagrangian 2 (L2) point, according to the center.People on Earth cannot directly communicate with the far side of the moon, which is one of the difficulties for the Chang’e-4 lunar probe mission.A relay satellite at the Earth-Moon L2 point, where gravity allows it to keep a stable position between Earth and the moon, can redirect communication from Earth to the far side of the moon, solving the difficulty at a low cost.
When life gave one Chinese company giant panda poop, it decided to make paper — and profits.Qianwei Fengsheng Paper Company in Sichuan Province has teamed up with the China Conservation and Research Center for the Giant Panda to recycle the animal’s faeces and food debris into toilet paper, napkins and other household products, state media reported yesterday.The goods, soon to be released on the Chinese market, will be marketed as part of a “panda poo” product line decorated with a picture of the bamboo-eating, black-and-white bear.“They’re taking care of our garbage for us,” Huang Yan, a researcher at the giant panda center, told the Chengdu Business Daily.Huang said that the 10 kilograms of bamboo poo that adult pandas unleash daily are rich in fiber after absorbing the fructose from the shoots.In addition to their valuable dung, pandas also produce 50 kilograms of food waste every day from the bamboo husks they spit out after chewing.While the process of turning bamboo into paper generally involves the breaking down of fructose to extract fiber, this step naturally occurs in the pandas’ digestive tract, the paper company’s president, Yang Chaolin, told Xinhua news agency.Fengsheng will collect the faeces from three panda bases in Sichuan a couple of times a week. After they are boiled, pasteurized and turned into paper, they will be tested for bacteria before going on sale.Boxes of “panda poo” tissues will be sold at 43 yuan (US$6.5) each.“Pandas get what they want and we do too,” Yang said. “It’s a win-win.”
Zhou Han tasted donkey-hide gelatin, known as ejiao in Chinese, for the first time to relieve her period pain.Zhou’s mother purchased 250 grams of ejiao for 700 yuan (US$105) in a drug store after she heard that the traditional Chinese health care product can enrich blood and benefit women’s skin.The store processed the medicine into a paste mixing it with ingredients such as walnuts, red dates and rice wine. Zhou,25, takes it twice daily.“I felt comfortable in the first weeks after I tried it,” said Zhou, who works at a PR company.With a history of around 2,500 years, ejiao is made by soaking and stewing donkey skin and refining the results into a tonic. There are claims that it can tonify blood, boost immunity and treat a range of ailments from anemia and dry coughs to dizziness and insomnia.Nowadays, it has been rebranded as a health care product used in food, drink or even face creams for the country’s growing middle class.According to the Qianzhan Industry Research Institute, the production of China’s ejiao producers has grown from 3,200 tons in 2013 to 5,600 tons in 2016, with an annual growth above 20 percent.“More than 10 years ago, the consumers of donkey-hide gelatin were mainly from the Yangtze River Delta. The medicine has become widely known by more Chinese now,” said Cai Jun, a professor of nutritional studies at Longhua Hospital under Shanghai University of Traditional Chinese Medicine.Donkey-hide gelatin has seen its price soar.In late November, Dong’e Ejiao Co Ltd, China’s largest donkey-hide gelatin producer, said it had raised the ex-factory price of its two major products, ejiao in solid bars and mixed with other ingredients in syrup form, by 10 percent and 5 percent, respectively.According to Wang Min, an analyst with a Shandong-based consulting firm, the current ex-factory price of Dong’e ejiao bar is more than 12 times that of 2007, while its market price is 2,698 yuan per 500 grams, around 10 times that of 2007.Other ejiao brands have also raised their prices on major e-commerce platforms, making what was once a common supplement now a luxury item.“The price of donkey-hide gelatin has rocketed up very fast. My monthly salary now equals less than 1.5 kilograms,” said Ma Lei, a longtime consumer of donkey-hide gelatin from Jinan, capital of Shandong Province. Ma takes around one teaspoon of ejiao daily.China’s donkey population has nearly halved from 9.4 million in 1996 to 5.4 million in 2015, according to the National Bureau of Statistics.Industry insiders believe that there are now around 5 million donkeys in China, and the annual slaughter rate is about 1 million. Many donkey-hide gelatin manufacturers started importing the skin.The scarcity of donkey skin has also led to the flooding of counterfeit products claiming to be donkey-hide gelatin into the market. They may be made from the skins of mules, horses or pigs.“Donkeys used to be a pack animal for farmers. However, as agricultural mechanization increases, fewer farmers are raising donkeys,” said Zheng Zhong, who is in charge of Shandong Lyubang, a company which manages donkey-based food products.“The animal’s low fertility rate and long gestation period have also discouraged business people,” said Zheng.
Cyber security firm 360 said yesterday it would end live broadcasting from its surveillance cameras in response to public concerns about privacy.The company has sold around 5 million 360 smart cameras nationwide, which provide high-definition surveillance in homes, restaurants and shopping centers. But the provision of the Shuidi live broadcast feature recently has raised privacy concerns. “After serious consideration, we have decided to permanently shut down the live broadcast feature to ensure privacy protection,” 360 said in a statement, adding that it could not resolve all privacy issues.Netizens criticized the feature after they found live footage from businesses such as shops and restaurants ended up on the Internet without customers’ knowledge. It was alleged that owners and operators of these businesses allowed the footage online via the Shuidi live broadcast feature.Some netizens spoke out angrily against some of the businesses, media reported.The viral online footage prompted 25-year-old Chen Feifei to write a public letter last week to Zhou Hongyi, 360’s chairman, in which she implied there was privacy infringement via the Shuidi live broadcasts on the cameras. 360 issued an explanation to say that there was no fault involved.Chen yesterday welcomed 360’s decision to end the service.
A flag-raising ceremony is held to celebrate the 18th anniversary of Macau’s return to the motherland in Macau yesterday. The Chinese government resumed sovereignty over Macau in 1999 as a special administrative region after over 400 years of Portuguese colonial rule.
CHINA urged the United States yesterday to stop deliberately distorting its strategic intentions and to abandon the Cold War mentality and the outdated concept of zero-sum game. Foreign Ministry spokeswoman Hua Chunying made the remarks at a daily press briefing in response to the newly released US national security strategy report. The report, released by US President Donald Trump on Monday, referred to China and Russia as “revisionist powers,” and listed them as “competitors” seeking to alter the status quo that favors the US. According to the report, both China and Russia are regarded as rival powers that are eroding US security and prosperity, and will eventually overthrow the Washington-defined global order. “China remains committed to the path of peaceful development and will firmly adhere to the opening-up strategy of mutual benefit and win-win results,” said Hua, stressing that China has always been a builder of world peace, contributor to global development, and maintainer of international order. Hua said China is confident in its development path, and China’s achievements have been acknowledged by the international community. She emphasized that attempts by anyone or any country to twist the truth will be in vain. “China will never seek development at the expense of other countries’ interests, nor will it ever give up its own legitimate rights and interests,” Hua said. China and the US are the world’s largest developing country and developed country respectively, she said, adding that as the two largest economies, both countries have important responsibilities in maintaining world peace and development and share broad common interests. “As to China-US relations, cooperation is the only correct choice for both countries,” Hua said, adding that differences between the two countries are not surprising as both are major powers. According to Hua, China and the US should properly handle their differences on the basis of respecting each other’s core interests and major concerns. “We hope the US side will take China-US relations objectively and rationally, and abide by its commitments,” she said, emphasizing that maintaining a healthy and stable bilateral ties is the correct choice for the welfare of the two peoples and the international community. The Chinese Embassy in Washington said in a statement: “It is selfish to put your national interest above other countries’ interest and the mutual interest of the international community.” “The Chinese side is willing to have peaceful coexistence with all countries,” said the embassy statement. “The United States should also adapt and accept China’s development.” Moscow issued its own denunciation. “The imperialist character of this document is obvious, as is the refusal to renounce a unipolar world, an insistent refusal,” Kremlin spokesman Dmitry Peskov told reporters. Trump’s report is another abrupt turn in his stance toward China, which has veered between blistering criticism on trade and currency and optimism about cooperation on North Korea and other problems. In April, Trump announced that he was setting aside complaints about trade and currency in hopes of winning Chinese cooperation on North Korea. US officials resumed criticizing China in July. Trump switched back to friendly overtures during a visit to Beijing in November. He said the two sides could solve most of the world’s problems if they cooperated. The national security document — 11 months in the making — is required by law and is designed to form a framework for how America approaches the world. Previous national security strategies have been released without much fanfare and served as guideposts, rather than doctrinal commandments. But in this unorthodox administration, the document had taken on extra significance. Foreign officials in Washington often complain that there are effectively “two administrations” — one that they hear from day-to-day in contacts with the State Department and Pentagon and another coming from Trump, often via Twitter in 280 characters or fewer. Trump and his advisors often publicly differ starkly on fundamental security issues from the Middle East to talks with North Korea. But allies looking for clarity about the intentions of the world’s pre-eminent economic and military power are likely to be confused by Trump’s mixed messages.
THIRTY-SIX people, out of a total of 49 candidates, from different sectors of the Hong Kong society were elected yesterday as deputies to the 13th National People’s Congress, China’s top legislature. The 13th NPC will convene in Beijing to elect new state leaders and discuss state affairs in March. Bernard Charnwut Chan, the 52-year-old non-official convener of the Executive Council of the Hong Kong Special Administrative Region, topped the ballot tally by winning 1,693 votes from 1,796 members attending the second plenary session of the Conference for Electing Deputies of Hong Kong to the 13th NPC. A total of 25 deputies were successfully re-elected including Chan, Martin Liao Cheung Kong and Ma Fung-kwok, members of Hong Kong’s Legislative Council, as well as Ip Kwok-him, a member of the Executive Council. Among 11 newly elected deputies, Vincent Lee Kwan-ho, a member of Hong Kong’s Financial Services Development Council, won the largest votes, followed by Raymond Tam Chi-yuen, former secretary for Constitutional and Mainland Affairs of the Hong Kong government. Among the 36 deputies were five women, including 55-year-old Cally Kwong Mei-wan, the first runner-up of the 1982 Miss Hong Kong Pageant and popular singer who later became a socialite promoting charity. Vice Chairman and Secretary-General of the NPC Standing Committee Wang Chen attended the second plenary session of the conference, which was presided over by Carrie Lam Cheng Yuet-ngor, chief executive of the Hong Kong SAR. In his speech, Wang congratulated on the elected deputies, saying the election for Hong Kong deputies to the 13th NPC had strictly complied with the law and had proceeded by giving full play to democracy. “It is an open, fair and just election,” he said. Wang said he believed the elected deputies would inherit the tradition of loving the country and Hong Kong, defend the Constitution and the Basic Law of the Hong Kong SAR, support the principle of “One Country, Two Systems,” and earnestly carry out the duties of the deputies, so as to make contributions to building a brighter future for Hong Kong and the great rejuvenation of the Chinese nation.
CHINA yesterday unveiled plans for a national carbon market likely to become the world’s largest exchange for emissions credits. China burns more coal than any other country. The fuel generates most of the nation’s power but the country has moved rapidly this winter to limit its use in north China. The launch of the long-delayed carbon exchange scheme is a sign that China is taking its war on pollution to new levels. The country is the largest investor in renewable energy but has faced an uphill battle transitioning from coal, which is used to generate roughly three quarters of its power, according to the International Energy Agency. “The launch of the Chinese carbon market shows that there is increased commitment around the world to price pollution and direct investments into clean technologies,” said Femke de Jong, policy director at Carbon Market Watch. China is seen as a potential leader in the fight against climate change after the United States retreated from the Paris accord struck in 2015. The emission exchange outlined by officials from China’s National Development and Reform Commission may slowly change the calculus for utilities and other coal burners. “The purpose of this program is to reduce greenhouse gas emissions,” said commission Vice Chairman Zhang Yong. “We aim to reduce emissions through market-based mechanisms.” The immediate focus for establishing the carbon credit exchange is on the power-generation industry, Zhang said. “Some 1,700 electric companies emitted more than 3 billion tons of carbon,” Zhang said. “This is where we will get to it.” The project expands on the lessons learned from seven provincial and city carbon exchanges.
Fan Lei, 32, cannot wait to get her first human papilloma virus vaccine, after a fretful three-month wait.“I asked for leave immediately after the call from the community health service center,” she said.The HPV vaccine Fan received in Yinchuan in Ningxia Hui Autonomous Region was developed by US-based Merck & Co, and approved by the China Food and Drug Administration to enter the market in May. The first batch reached Chinese consumers a month ago.The introduction of the new vaccine came after a good response from Chinese women to GlaxoSmithKline’s Cervarix, the first HPV vaccine licensed for use in China, earlier in the year.But Cervarix has an age cap of 25, while the Merck product is available for anyone from 20 to 45.“In fact, I intended to get the Cervarix vaccination, but was told I was too old,” Fan said.The younger generation in China, especially middle-class women of Fan’s age or younger, now have a much greater health consciousness. In just a month, the center Fan visited received more than 910 reservations for the new HPV vaccination, but only 280 vaccines were available, said Gao Xiaoyan of the center.The popularity of HPV vaccines in Yinchuan mirrors the strong demand nationwide.According to the report “Cancer Statistics in China 2015” published by CA: A Cancer Journal for Clinicians, more than 30,000 patients died of cervical cancer, and over 98,900 new cervical cancer cases were reported in China in 2015. In other words, three Chinese women were killed by cervical cancer every hour.But cervical cancer, by far the most common HPV-related disease, can largely be prevented.According to the World Health Organization, nearly all cases of cervical cancer, the fourth most frequent cancer in women, can be attributed to HPV. It can take 15 to 20 years for cervical cancer to develop in women with normal immune systems, and the symptoms tend to appear only after the cancer has reached an advanced stage, making it important to take precautions in advance.The two HPV vaccines currently available on the market can protect against both HPV 16 and 18, which cause at least 70 percent of cervical cancers, according to WHO. The vaccines may also offer cross-protection against other less common HPV types that cause cervical cancer.But for some time, HPV vaccines were not greenlit on the Chinese mainland due to safety concerns, and many had to travel to Hong Kong to get a shot.A complete HPV vaccination requires three shots in six months, which meant patients had to travel to Hong Kong three times during this period, at high cost.“Some of my friends went to Hong Kong to get the vaccination, but it’s too troublesome to go from Yinchuan. Now we have it at home, it’s much easier,” Fan said.Though one shot of the vaccine costs over 800 yuan (US$121), Fan and her friends believe it is worth the money.“It is pricey. But compared with the economic and mental burden of the disease, it is nothing,” she said.China is also developing its own HPV vaccine. Clinical testing of a second-generation HPV vaccine was approved by the China FDA in late November. It is expected to enter the market in 2022.
A 20-year-old man was reunited with his family yesterday, after being abducted as a toddler in Hebei Province 19 years ago.Two men abducted the then 11-month-old boy in Cixian County in Handan in August 1998, according to local police.Police launched an investigation but were unsuccessful in finding the child. The search for suspects was complicated as they were believed to be migrant workers and a large number of people from other provinces worked at coal mines in the county at that time. The missing boy’s parents were also migrants from Sichuan Province.Under instructions from the Ministry of Public Security, local police relaunched a probe in February this year. They later arrested four suspects.After the suspects confessed, police found the missing man in Liaocheng in neighboring Shandong Province on September 24. DNA testing confirmed his identity on October 6.
Police have seized 129 tons of raw materials for producing drugs in Baoshan in Yunnan Province, arresting one man, authorities said yesterday.The man, originally from Fujian Province, caught police attention earlier this month, after frequently transporting raw drugs materials abroad and involving in drug manufacturing.On Friday, the suspect was caught in Lincang, which borders Myanmar, with 100 buckets and 26 tons of drug-making materials in his vehicle.Police destroyed a drug-making lab involved in the case, confiscating 103 tons of raw materials.Meanwhile, police in Fengqing County busted a drug gang, detaining five suspects and seizing 16 kilograms of methamphetamine, the provincial public security department said yesterday.Both cases are being investigated.Yunnan is a major front in the battle against drug crime, as it borders the notorious Golden Triangle.
A court in Beijing yesterday began a long-awaited hearing into whether a wildlife park was responsible for a tiger attack that killed one person and injured another.The attack occurred on July 23, 2016 at Beijing Badaling Wildlife Park in Yanqing District.CCTV footage showed a woman getting out of a car to walk to the driver’s side when a tiger pounced on her and dragged her away. The woman’s mother, hurrying out of the car to save her daughter, was also attacked.The mother died, and her daughter was seriously hurt.The three plaintiffs — daughter, husband and father of the deceased — said the “self-driving tour” provided by the park was flawed in design and therefore illegal. The tragedy should be attributed to a lack of contingency plans and effective rescue measures on the part of the defendant.The plaintiffs are claiming 1.49 million yuan (US$230,000) in compensation for the family of the dead, and another 690,000 yuan for the injured.Based on an official investigation report conducted by the district government that said no misconduct had been found by the park, the defendant said it had fulfilled obligations of warning, adequate rescue and paid for the initial medical and accommodation fees on humanitarian grounds.A verdict will be announced at a later date.
A maintenance project has finished on the Jiayu Pass, a famed part of the Great Wall built in the Ming Dynasty (1368-1644) in Jiayuguan City, Gansu Province.The Jiayu Pass is regarded as the western start of the Ming Dynasty Great Wall and continues to the Shanhai Pass in Hebei Province on China’s eastern coast.Inscribed on the UNESCO list in 1987, the pass features 11.7-meter-high tower walls and meanders across undulating hills and rocks. The site attracted 1.1 million visitors in 2016.Qiu Jian, a relic protection official, said the work used traditional construction methods and materials, helping to restore the past glory of the military fortress and protect its cultural heritage.The Great Wall had a poor drainage system, and was cracked and weathered by dry and windy conditions before maintenance began in 2012. The government-funded work cost over 300 million yuan (US$45 million), and renovated a 3.5-square-kilometer area of the Great Wall and a 70-square-kilometer scenic zone.The renovation took five years and included gate and beacon towers.
A construction site of a bridge of the Shangqiu-Hefei-Hangzhou high-speed railway is seen in Henan Province, yesterday. The 794.55-kilometer railway will link Shangqiu in Henan Province, Hefei, capital of Anhui Province, and Hangzhou, capital of Zhejiang Province.
CHINA’S economic planner yesterday issued guidelines for outbound private investment to address problems, including irregular operations, that emerged amid the accelerated global drive of domestic companies. The guidelines aim to guide offshore business operation, Meng Wei, spokeswoman for the National Development and Reform Commission, said at a press conference. While acknowledging the contribution of private businesses to goods and technology exports and the Belt and Road initiative, Meng said there were also side effects, citing blind decision-making, vicious competition, and neglect of quality and safety. To tackle the issues, the document was jointly compiled by agencies including the NDRC, the Ministry of Commerce and the People’s Bank of China. “Private businesses should improve internal rules on decision-making and financial management in terms of overseas investment, and strengthen risk control by using safety measures and contingency plans,” according to the document. Domestic and overseas procedures on investment should be followed and social responsibilities fulfilled. Businesses should also comply with local environmental protection laws. Meng said similar rules for state-owned enterprises were in the pipeline. The document is part of government effort to cool the frenzy of overseas acquisitions and curb illicit capital outflows. The State Council said in August that the country would limit overseas purchases of real estate, hotels and sports clubs, and encourage deals in infrastructure and new technology. China’s non-financial outbound direct investment in the January-November period fell 33.5 percent year on year.