Supporting "Going Global"

The government will increase financial support for Chinese companies investing and operating overseas, or "going global." Better financing can make more use of excess production capacity and promote cooperation with foreign companies, according to a statement released by the State Council. Approval for overseas investment will be easier to obtain, including the procedures for listing, mergers and acquisitions overseas and for banks setting up overseas branches. China will ensure financing support for exports of large equipment, encourage commercial banks to finance the whole industrial chain of equipment manufacture and promote use of foreign exchange reserves. Policies concerning the cross-border payment and clearing of the yuan and export credit insurance will be improved. 

Railway Standards

The National Railway Administration has unveiled the country's first design standards for high-speed rail links, coming into effect from February 1. These are standards for nearly 20 sectors involved in the design and construction of lines for bullet trains running at 250 km to 350 km per hour. The specifications are based on domestic experience as well as foreign experts' advice. China has seen rapid development in the construction of high-speed railways and is now eyeing selling the equipment and technology it has developed to foreign markets. The standards will lay a solid foundation for railway enterprises to explore the overseas market.

Car Import in FTZ

In January, the China (Shanghai) Pilot Free Trade Zone (FTZ) launched a pilot program on parallel imports of cars. The program, green-lighted by a circular jointly issued by the Shanghai Commission of Commerce and the Shanghai FTZ Administrative Committee, allows cars to be imported without getting authorization from carmakers and thus promises lower prices for Chinese buyers. The circular has listed requirements for companies wishing to join the program, including those having engaged in car transactions for five years or more and reporting profits over the past three consecutive years. Participating companies have to shoulder duties, including recall, after-sale service, repair guarantees and replacement or refunds for faulty products. 

Credit Collection

China's central bank said in January that it has told eight non-banking institutions to get ready to conduct personal credit information operations within six months. The companies include subsidiaries of Internet giants Alibaba Group Holding Ltd. and Tencent Holdings Ltd. A broad-based, market-oriented personal credit database is being developed in China with the participation of institutions outside the traditional banking sector, the central bank said in a statement. The move is aimed at promoting development of credit information and laying a stronger foundation for personal financial transactions. 

Rural Market Valued

China's leading e-commerce giants have stepped up expansion of online retail business in rural areas to offset a saturated urban market. JD.com Inc., a Nasdaq-listed firm, announced it would set up a county-level operating center in south China's Guangdong Province. The move followed the e-commerce company's decision to open a brick-and-mortar shop in a small county in north China's Hebei Province in November 2014 to help farmers purchase home appliances via its online shopping store. Plagued by poor transport and less purchasing power, rural buyers have remained mostly untouched by the wave of online shopping that swept across China in recent years. However, the situation is changing as the burgeoning village market shows potential and attracts the country's major e-commerce businesses. 

Beijing's New Airport

Construction of Beijing's new airport started on December 26. The project will cost 79.98 billion yuan ($13.11 billion) and take about five years to complete. The airport is designed to handle 72 million passengers, 2 million tons of cargo and mail, and 620,000 flights by 2025. It is expected to meet Beijing's rising demand for air transportation and help achieve balanced development in the capital's southern and northern areas. The new airport will be built in south Beijing's Daxing District, which borders Hebei Province. Experts believe the project could help boost the regional integration of Beijing, Tianjin and Hebei.