Top news of the week:
Beijing Stock Exchange starts trading
November 15, 2021
Beijing Stock Exchange (BSE) announced that it is all set for its opening on November 15, 2021. As of November 10, there were already 71 companies listed on NEEQ Select which were supposed to be transferred to the newly established BSE. On top of that, 10 new stocks will be listed on BSE, making the BSE opening with 81 listed companies in total. By November 12, over 2.1 million investors have made appointments for authorization of qualified investors the BSE qualifying rights until November 12. Market believes that the total number of investors participating in trading would exceed 4 million upon opening of BSE.
China facilitates green industrial development by supporting ‘Key & Core Tech enterprises’
November 16, 2021
The Ministry of Industry and Information Technology of China, the People’s Bank of China, the China Banking and Insurance Regulatory Commission, have jointly issued a guiding opinion on strengthening the combination of industry and finance to promote the development of green industry with nine tasks and three safeguard measures. In terms of financial means, efforts should be made to study the establishment of a guiding mechanism for nurturing green high-tech start-up enterprises and support “hard-tech enterprises” to be listed on the Science and Technology Innovation Board.
China’s cyber watchdog unveils new draft data management regulations
November 17, 2021
The Cyberspace Administration of China, the nation’s cybersecurity watchdog, issued a set of draft regulations for better protection of the nation’s internet data security. The new regulations cover a wide range of topics such as personal information protection, security of important data, cross-border data security management, and obligations of Internet platform operators. In addition, the regulations clarify that companies listed in Hong Kong will be included in the scope of review and require the state to pay attention to the protection of personal information and important data and strictly regulate large Internet platforms. The new draft regulations are now open for public comment for a month.
China approves plan to digitalize government services
November 18, 2021
China’s State Council executive meeting reviewed and approved a plan to digitalize government services nationwide during the 14th Five-Year Plan period. Premier Li Keqiang stressed that China would accelerate the construction of a digital government to improve administrative services. Meanwhile, authorities have decided to set up special refinancing loans to support the clean and efficient use of coal and promote green and low-carbon development. Besides, the meeting indicated that the promotion of government informatization is an important measure to improve management efficiency and service level.
China officially establishes the national anti-monopoly bureau
November 19, 2021
China’s newly established National Anti-monopoly Bureau on Thursday inaugurated its office in Beijing, marking a new chapter of the country’s intensifying efforts to rein in companies’ monopolistic practices to maintain free competition of the market. The Bureau is under the State Administration for Market Regulation but authorized as a deputy-ministerial-level unit.
Insight of the week:
On 15 November, U.S. President Joe Biden met with Chinese President Xi Jinping in a virtual summit and both sides articulated they see basic communication as key to avoiding a major crisis. The video conference lasted about four hours, longer than planned, with the two leaders covering a range of topics including trade, the status of Taiwan, human rights, Iran, Afghanistan, and North Korea. President Biden raised human rights concerns and pushed for “common-sense guard rails” so fierce competition between the two world powers does not lead to conflict. President Xi urged that the two nations should work to find effective responses to global challenges including climate change and the pandemic and called for US and China to increase communication and cooperation.” In addition, Xi warned that China would safeguard its own sovereignty, security, and development interests and said that those playing with fire around the Taiwan issue would inevitably burn themselves. The two sides apparently showcased different tones when talking about the principle of “One China”, but in general the market welcomes act that calm the situation down as the Taiwan Strait and South China Sea seeing escalating confrontations.
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Part of SwedCham China Insights articles is also published on Sweden-China Trade Council homepage: www.sctc.se
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