介绍:
China to implement bank deposit insurance in May
China's central government has announced that the country will implement the long-awaited bank deposit insurance scheme in May.
The announcement says the maximum amount of compensation will be half a million yuan, or just over 80 thousand US dollars.
That figure is roughly comparable to the compensation limits set by other countries' deposit insurance schemes, like the FDIC in the United States.
Apart from banks, other depositing institutions are also subject to the newly-published regulations.
From May, financial institutions will be required to pay insurance premiums into a fund that will be managed by an agency appointed by the State Council.
The scheme is designed to return bank clients' deposits if their bank suffers insolvency or bankruptcy.
A later statement quoted an unnamed official as saying, "The scheme will help build public confidence in the financial market and maintain financial stability."
The scheme has long been considered a precondition for China to free up deposit rates -- the last step in interest rate liberalization.
Downpayment ratio for second home drops to 40 percent
Fore Anchor:
Chinese authorities are lowering the required downpayment for second home purchases to 40-percent from 60-percent to prop-up the housing market.
The minimum downpayment ratio for first-time home buyers who use the government's housing fund is also being reduced from 30-percent to 20-percent.
At the same time, if buyers use the housing fund, the ratio for a second home purchase will remain at 30 percent, provided all their loans are paid off on the first house.
For more on the move, Beijing Hour's Paul James spoke earlier with Gao Shang, analyst with Beijing-based Guantong Futures.
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Back Anchor:
Gao Shang, analyst with Beijing-based Guantong Futures, speaking with the Beijing Hour's Paul James.
China's GDP growth likely to rise to 7.2% in Q2
It is being reported that China's GDP growth may rise to 7.2 percent in the second quarter 2015.
The report released by the Bank of China on Monday cited a series of positive changes include a rapid growth in private investment and strong profit growth in the equipment and high-tech manufacturing industries that analysts say may spur the GDP growth.
Statistics show that every percentage point of GDP growth created 1.79 million jobs in 2014.
China may invest in Russia's first high-speed railway
It is being reported that China is interested in bankrolling Russia's first high-speed rail line connecting Moscow and Kazan.
Russian media sources are saying that China could invest about 300 billion rubles or about 5 billion US dollars in the construction of the project.
The project is planned to better connect mid-size Russian cities to its capital.
The Moscow-Kazan line will form the initial section of a Eurasian high-speed railway linking Beijing and Moscow.
The project is scheduled to be completed by 2018 for the World Cup soccer finals in Russia.
Kazan is one of the host cities of that event.
Apple's glass provider takes crown as China's richest woman
Zhou Qunfei, chairperson of Lens Technology, has ousted Chan Laiwa, chairwoman of Hong Kong Fu Wah International Group, as the wealthiest woman in China.
The recently-listed Lens Technology saw its shares surge by the daily trading limit to nearly 71 yuan, about 11 US dollars per share on Monday.
This surge boosted the value of Zhou's stake in the company to over 42 billion yuan, about 6.7 billion USD.
Lens Technology debuted on the Growth Enterprise Market board in Shenzhen on March 18th, with an offer price of nearly 23 yuan per share.
The company makes glass covers for various consumer electronic products such as smartphones, computers and cameras.
Its combined sales to Apple Inc and Samsung Electronics Co made up more than 70 percent of the company's sales revenue between 2012 and 2014.
It is also a glass provider for Apple's newly launched Apple Watch earlier this month.
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