Yuan Gets an 'Expressway'

China's Cross-Border Interbank Payment System, designed to be an "expressway" facilitating the yuan's use in international trade and investment, began operations in Shanghai in October. A global clearing platform for real-time settlements in the currency, it connects China with most offshore yuan centers and countries in Asia, Oceania, Europe and Africa to support cross-border goods and services trade settlement, direct investment, fundraising and personal remittances. The system is expected to increase global usage of the yuan by cutting down transaction costs and processing time.

Smartening Up SOEs

The State Council, China's cabinet, has issued a new guideline urging state-owned enterprises (SOEs) to accept mixed ownership and modernize. SOEs, while adhering to government guidance, must improve their management through market-oriented reform. All kinds of capital are encouraged to invest in them. As SOEs face global competition, the government is trying to attract private investors to give them a new lease of life. However, state capital will maintain its "absolute controlling position," especially in fields relating to national security. Foreign capital is welcome in the restructuring through a variety of methods including overseas mergers and acquisitions, cooperation in investment and financing and offshore financing. The guideline stresses using global resources such as the market, technology and talent to promote mixed ownership, participate in international competition and improve resource allocation. 

Yuan-clearing Role in Zambia  

China's central bank, or the People's Bank of China, has announced that Bank of China (BOC) would be the yuan-clearing bank in Zambia to facilitate yuan-denominated cross-border transactions in the two countries and boost bilateral trade and investment. In recent years, BOC has expanded yuan transactions in Zambia and successfully offered its services in Zambia's railway construction, exploration of energy resources and trade investment. Zambia has also been promoting the use of the yuan in cross-border trade and investment.  

Charging Network

The Chinese Government will ensure more charging facilities for electric vehicles to boost the green car industry, targeting to roll out 5 million vehicles by 2020. The State Council issued a document saying all parking lots at newly-built apartments must offer charging facilities for e-cars or ensure that such facilities can be installed later. Additionally, 10 percent of public parking lots should have charging facilities. It has also set the goal of building an inter-city fast-charging network to cover most major cities by 2020. Industry experts believe this will help China's green car industry become more sustainable and competitive. Statistics show 108,654 new-energy vehicles were sold in China in the first eight months of 2015, a 270-percent rise from the same period last year.

Forest Tourism Grows

The rapid development of forest tourism in China shows its wide prospects. The output value of the sector reached 650 billion yuan ($103 billion) in 2014, accounting for one fifth of the nation's tourism revenue, said Zhang Yongli, deputy head of State Forestry Administration. Visiting forests for a breath of fresh air and relaxation has become increasingly popular among China's urban dwellers. Forest tourists reached 910 million last year in China, one fourth of the country's total number of domestic tourists. At the end of 2014, China had more than 8,500 forest tourism sites and built 3,101 forest parks nationwide.