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VOL.5 December 2013
Business Briefs

Income Distribution

China will enhance regulation of income secondary distribution through taxation, according to a key document the Communist Party of China (CPC) publicized in November. The country will meanwhile focus on increasing the share of work renumeration in primary distribution, the document said, explaining that information systems on personal income and property will be established among efforts to narrow income gaps between urban and rural areas, different regions and sectors. The document was adopted at the four-day Third Plenary Session of the 18th CPC Central Committee upon its conclusion on November 12.

Marine Economy

Readings from China’s first ocean development index were published in November and will provide valuable information as the country looks to boost its marine economy and build itself into a maritime power. The index figures showed growth of the marine industry over a five-year period. The Xinhua Ocean Development Index grew at an annual average rate of 23.18 percent from 2006 to 2011, much higher than the annual average economic growth rate of 10.52 percent in the same period. The index included four sub-indices: industry development, science and technology innovation, environmental resources and marine management. The index is jointly released by the Xinhua (Qingdao) International Ocean Information Center and the State Financial Information Center Index Research Institute.

Credit Tracking

People living in nine provincial-level regions can now look up their personal credit reports using an online inquiry service. The People’s Bank of China, or the Central Bank, started building its database of credit information in 2006, providing a yardstick for financial institutions to measure an individual’s trustworthiness, especially when providing a loan. The database collected information on 820 million individuals, among whom 290 million had personal credit files. The new platform is expected to draw public attention to personal credit records and help make credit management a part of people’s daily routine, said Chang Sheng, General Manager of Allwin Credit, a Beijing-based micro-finance service provider. The system is another form of credit tracking in China and the service will be available to the whole population in the first half of 2014, according to the central bank.

Fewer Cars

The Beijing Municipal Government will reduce the new car registration quota by 37.5 percent starting from 2014, making way for more new-energy vehicles as part of its efforts to curb air pollution. According to measures for implementing the city’s five-year vehicle emission reduction plan (2013-17), the number of new registrations available for cars will be cut from the current 240,000 a year to just 150,000 by 2017. In 2014, 20,000 new car registrations will be allotted to newenergy vehicles, with a further 30,000 to follow in 2015.

Food Production

The Chinese Government has allocated 600 million yuan ($98 million) to encourage food production, the Ministry of Finance announced recently. The funds have been allocated to five major agricultural provinces - Heilongjiang, Liaoning, Shandong, Anhui and Jiangxi - to subsidize food production and improve agricultural technology. China’s grain output this summer, mostly wheat, hit a record high of 132 million tons, the National Bureau of Statistics said.

Improving Drainage

Chinese Premier Li Keqiang has signed a decree regarding urban drainage and sewage treatment, as flooding and water pollution become an increasing problem during China’s rapid urbanization. The decree, which will come into effect on January 1, 2014, stipulates that all governments above county level must include the building and management of urban drainage and sewage treatment facilities into their economic and social development plan. It also requires cities and towns to plan their drainage and sewage treatment systems in accordance with their local climate, geography, as well as economic and social development level.

Online Funds Shops

Chinese e-commerce giant Alibaba Group opened the sales of funds on its popular online shopping platform Taobao in November after receiving a no-action letter from the China Securities Regulatory Commission for its funds business. This makes it China’s first Internet company to provide services for funds from third-party sales institutions. Alipay, run by Alibaba, will provide the platform for third-party payment services. On November 1, the first batch of 17 funds institutions, including Guotai AMC, E Fund and Aegon-Industrial Fund, opened their online funds shops on Taobao. Persons aged 18 or above can buy funds after passing real-name authentication through the Alipay online payment service.

 

Numbers

$5.7 billion Total sales of Alibaba Group’s Taobao and Tmall websites on November 11, an annual day of special sales 

$1.38 trillion China’s tax revenue in the first three quarters

2.2 mln+ Number of Chinese working for the e-commerce industry as of June

6.1% Zimbabwe economy expected to grow in 2014

24.7% South Africa’s unemployment rate in the third quarter of 2013

 

 

 

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