介绍:
China Eases Forex Controls for Foreign-invested Enterprises
Anchor:
China's foreign exchange regulator has released new rules to relax foreign exchange controls for companies that have foreign backing.
Starting in June, the affected companies won't have to get pre-approval before settling their bills with foreign currency.
They will be also allowed to convert up to 100 percent of their registered foreign-currency capital into yuan based on their business needs.
But at the same time, regulators say foreign businesses won't be able to invest that money into the markets or use it to provide or pay-off loans.
For more on the new rules, the Beijing Hour's Paul James earlier spoke with CRI financial commentator, Cao Can.
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Back anchor:
That was CRI financial commentator Cao Can speaking with the Beijing Hour's Paul James.
China's Central Bank Makes Cash Injection
China's central bank has announced a new round of cash injection into the market through a reverse repurchase agreement (repo) to meet cash demand.
The Bank is pumping 15 billion yuan, about 2.5 billion U.S. dollars, into the money market through a seven-day reverse repo.
Reverse repo is a process in which the central bank purchases securities from banks with an agreement to resell them at a future date.
The central bank usually carries out such operations on Tuesday and Thursday morning each week.
Last week, the market gained 5 billion yuan in net money supply.
China to Eliminate Random Official Fees for Firms within Six Months
The Chinese government is going to eliminate random government fees for firms within six months to help reduce the corporate financial burden and boost market vitality.
The move will target administrative fees and government funds that force enterprises to pay for approval, market supervision and entry, and guild membership.
Unapproved, unlawful, and inefficient government fees will all be scrapped and redundant ones will be integrated.
Meanwhile, no unauthorized fee increases or coverage expansion is allowed and service fees deemed to be over-priced will be lowered.
Intermediary services for profit-making purposes such as conditional guild membership or forced sponsorship will also be eliminated.
China scrapped more than six hundred enterprise-related fees last year.
China Cuts Power Price to Benefit Enterprises
The Chinese government is lowering power prices for the country's industrial sector.
The State Council says prices for coal-fired electricity will be cut by 2-yuan per 100-kilowatt hours for factories and businesses.
The adjustment comes amid a continued decline in coal prices brought on by sluggish power production.
Standard coal prices have declined in 14 consecutive weeks, with prices down around 10-percent since the start of the year.
In making the move, the State Council says it still plans to maintain its punishments for heavy-polluting industries.
Coal-fired electricity generation is one of the leading causes of air pollution in China.
China's Electric Car Production Surges
The latest stats show China's new energy vehicle production jumped threefold to over 25-thousand vehicles year on year in the first quarter.
In March alone, Chinese carmakers produced more than 13-thousand new energy vehicles, increasing threefold compared to the same period last year.
Intense promotion by the government has brought more new energy vehicles onto China's roads, saving energy and combating pollution.
Last month, the Ministry of Transport (MOT) set a target of having 300-thousand new energy vehicles on China's roads by 2020.
At the same time, the Chinese government is encouraging the construction of charging facilities for new energy vehicles in cities and implementing tax exemptions and subsidies for car purchases.
Alibaba's Ant Financial to Launch Online Bank in June
Chinese e-commerce giant Alibaba has announced that its affiliate Ant Financial will launch its online bank called MYbank in June.
Ant Financial will hold a 30 percent stake in MYbank.
Other shareholders of the bank include subsidiaries of Fosun International and Wanxiang Group, as well as Ningbo Jinrun Asset Management.
The bank won regulatory approval last year.
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