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☆ Analysis: China’s EV market reshaped by a brutal elimination round
▼ + stars: | 2024-04-24 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Hong Kong CNN —A “life and death race” has begun to unfold in the world’s largest market for electric vehicles (EV). More than a dozen passenger carmakers disappeared from the market last year, according to statistics from the China Passenger Car Association. Too many playersOvercrowding is another major issue plaguing China’s EV industry. Last month, Xiaomi, a Chinese smartphone brand, launched its electric car, the SU7 sedan. “China’s EV industry has entered a stage of cyclical adjustment after two decades of growth,” he said at a forum in Beijing.

Persons: ”, Tesla, Mark Rainford, Richard Yu, Li Auto, “ They’re, Huawei’s Aito, Lei Jun, BYD, Rainford, Gan Jiayue, Wang Chuanfu, Yin Tongyue Organizations: Hong Kong CNN, Auto China, YouTube, China, “, National Development, Reform Commission, China Passenger Car Association, WM, Mitsubishi Motors, Honda, Hyundai, Ford, Huawei, EV, China Association of Auto Manufacturers, China’s EV, Li, Tesla, Porsche, Geely Auto, Meizu, Chery Auto, International Energy Agency Locations: China, Hong Kong, Beijing, Shanghai, oversupply, Meizu

☆ China's policy to boost demand by $700 billion will have a 'bigger and bigger' impact, official says
▼ + stars: | 2024-04-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Vcg | Visual China Group | Getty ImagesBEIJING — China's latest policy to boost demand will soon have a greater effect on growth, a top official at the economic planning agency told reporters Thursday. "We believe this work will achieve bigger and bigger results," he said in Mandarin, translated by CNBC. He noted that equipment upgrades account for 9% to 10% of total GDP. 'Strong' central government fiscal supportIn terms of fiscal funding for those upgrades, Zhao said the central government would provide "strong support." Part of the equipment upgrade and consumer trade-in policy also focuses on improving standards for the kinds of products that can be used.

Persons: That's, Zhao Chenxin, Goldman Sachs, Morgan Stanley, Zhao, Bruce Pang, Fu Jinling, Fu, Francoise Huang, We're, JLL's Pang, Shan Zhongde Organizations: Visual China, Getty, BEIJING, National Development, Reform Commission, CNBC, Analysts, People's Bank of, Allianz Trade, Ministry of Industry, Information Technology, Ministry of Housing, Ministry of Commerce, State Administration, Market, China's Ministry of Commerce, Industry, Global Locations: Qingzhou, Weifang City, Shandong Province, China, oversupply, Beijing, JLL, People's Bank of China

☆ Exclusive: China orders local governments to cut exposure to public-private projects as debt risks rise, sources say
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +5 min

The guidelines were mentioned in a cabinet document that was circulated among local governments, policy banks and state lenders last month, said the two sources with knowledge of the matter. The move comes after numerous local governments' PPP expenditure hit the upper limit of the threshold in recent years. But the PPP boom has alarmed authorities who say some local governments have used public-private partnerships, government investment funds and government procurement services as "disguised channels" for raising debt. The State Council and the NAO did not immediately respond to Reuters requests for comments. A portion of the $12.6 trillion local government debt is linked to the PPP projects, as municipalities used these infrastructure-building initiatives as a conduit to raise capital.

Persons: Thomas Peter, NAO, Kevin Yao, Ziyi Tang, Sumeet Chatterjee Organizations: Central Business District, National People's Congress, REUTERS, Rights, International Monetary Fund, National Audit, State, State Council, Bank of, Reuters, National Development, Reform Commission, Thomson Locations: Beijing, China, Rights BEIJING, Bank of China

The capacity payments will be calculated based on fixed costs of 330 yuan ($45.25) per kilowatt per year for coal plants. Analysts said the move was important to ensure the financial viability of seldom-utilised, backup coal power, which is used for demand peaks or when renewable power generation is insufficient. However, observers also cautioned that the policy could risk entrenching inefficient coal power in China's energy system, despite its rapid expansion of renewable power generation capacity. "Capacity-based electricity pricing for coal power will further incentivise state-owned enterprises in China to build new coal power projects in the short term. Capacity payments should be for all power producers, not only for coal power," said Zhang Kai, deputy program director for Greenpeace East Asia in Beijing.

Persons: David Fishman, Xuewan Chen, Group's Fishman, Zhang Kai, Colleen Howe, Andrew Hayley, Edmund Klamann, Muralikumar Anantharaman, Kim Coghill Organizations: National Development, Reform Commission, Reuters, Analysts, Lantau, LSEG, Jinneng Holding, Power Co, Centre for Research, Energy, Clean, Greenpeace East, Thomson Locations: BEIJING, China, Shanghai, Beijing, Shanxi, Jiangxi Ganneng, Hunan, Greenpeace East Asia

☆ Exclusive: China's Xiaomi wins state planner nod to make EVs amid glut in autos
▼ + stars: | 2023-08-23 | by ( Julie Zhu | ) www.reuters.com time to read: +4 min

A man walks past a logo of Xiaomi, a Chinese manufacturer of consumer electronics, outside a shop in Mumbai, India, May 11, 2022. Xiaomi, which owns the world's third largest smartphone brand by shipments, did not immediately respond to a request for comment. Xiaomi plans to produce about 100,000 EVs next year, said one of the sources. But Xiaomi, which reported an 18.9% drop in its latest quarterly revenue in May, has its own compulsions for foraying into EVs. Xiaomi plans to use the thousands of stores it has as showrooms for its electric cars, Reuters previously reported.

Persons: Francis Mascarenhas, HONG KONG, Xiaomi, Tesla, NDRC, MIIT, Lei Jun, Julie Zhu, Muralikumar Organizations: REUTERS, Xiaomi Corp, HK, National Development, Reform Commission, EV, Ministry of Industry, Reuters, Lucid, Beijing Daily, China Passenger Car Association, Thomson Locations: Mumbai, India, HONG, Beijing, Shanghai, Reuters U.S, China, China ., EVs

Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. Investors in China's stock markets, however, were clearly underwhelmed, as Hong Kong's Hang Seng Index (.HSI) dropped roughly 2% over the week, while the mainland's benchmark CSI 300 index (.CSI) eked out a 0.7% gain. But investors are becoming frustrated by the time the NDRC is taking to flesh out stimulus policies, or order measures like a cut in stamp duty - that could help China's ailing property sector, and please investors in stocks and bonds. Even in a best-case scenario, growth over the second half of this year looks set to be modest." Reporting by Joe Cash and Albee Zhang in Beijing; Editing by Himani Sarkar & Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Tingshu Wang, HSI, flexibly, Zou Lan, Xu Tianchen, Joe Cash, Albee Zhang, Himani Sarkar, Simon Cameron, Moore Organizations: People's Bank of China, REUTERS, National Development, Reform Commission, Communist Party's, UBS, Council, Economist Intelligence Unit, Weibo, Capital Economics, Thomson Locations: Beijing, China, BEIJING

☆ China PMI: factory sector contracts for fourth straight month, raising urgency for more stimulus
▼ + stars: | 2023-07-31 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China is preparing to announce new stimulus for its stumbling economy after the vast factory sector contracted for a fourth straight month, and a gauge of activity in its services sector slipped to a seven month low. The official manufacturing Purchasing Managers’ Index (PMI), which measures activity level in the manufacturing sector, came in at 49.3 in July, according to data released by the National Bureau of Statistics on Monday. That result was slightly up compared with 49 in June but the index has nonetheless contracted each month since April. The official non-manufacturing PMI, which looks at activities in the services and construction industries, fell to 51.5 from 53.2 in June. “China’s official PMI data provides little encouragement that the economy is turning the corner,” said Robert Carnell, regional head of research for Asia-Pacific at ING Group.

Persons: Stringer, “, ”, Robert Carnell, Xi Jinping, Carnell Organizations: Hong Kong CNN, National Bureau, Statistics, PMI, Getty, ING Group, National Development, Reform Commission, Ministry of Industry, Information Technology, State, Information, Ministry of Commerce, Capital Economics Locations: Hong Kong, China, Beijing, Hangzhou, China's, Zhejiang, AFP, Asia, Pacific

The new market-based pricing system will also encourage distributors like ENN and China Gas that are expanding into global gas trading to look at importing LNG. "The policy will help the whole (gas) distribution sector and restore utilities' profitability," said Tan Yuwei, general manager of capital management at China Gas Holdings. Shares for listed gas utility companies briefly reversed this year's trend downwards after the policy was announced, but they remain under pressure from lacklustre industrial demand and China's struggling economy. China in recent years has liberalized natural gas prices by allowing distributors to pass costs on to industrial and commercial customers, although Beijing maintained tight control over household prices to avoid a consumer backlash. "This policy reform will result in more reasonable downstream gas prices in China, which will encourage city gas utilities to increase purchases from upstream importers," said Yi Cui, an analyst with consultancy Rystad Energy, referring to Chinese national oil companies.

Persons: COVID, Tan Yuwei, Tan, Yi Cui, Chen Aizhu, Emily Chow, Andrew Hayley, Tom Hogue Organizations: ENN Energy Holdings, HK, China Gas Holdings, China Resources Gas, Shanghai Gas, Chongqing Gas, Changchun Gas, China Gas, National Development, Reform Commission, China Gas Association, Rystad Energy, Beijing, Thomson Locations: SINGAPORE, BEIJING, China, Changchun, Qingdao, Nanjing, Shijiangzhuang, Lanzhou, Hubei, Guizhou, Shaanxi, Beijing, Hebei, Singapore

☆ China's state planner unveils steps to spur private investment
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +2 min

BEIJING, July 24 (Reuters) - China's state planner on Monday unveiled measures that seek to promote, encourage and spur private investment in some infrastructure sectors and said it will strengthen financing support for private projects. In the guidelines released last week, China said it will create a "traffic light" system to make clear the areas in which private investors are able to invest. "Significance of improving private investment should be fully recognised" and the NDRC will strive to keep the proportion of private fixed-asset investment among all investment at a "reasonable level," the statement said. Private fixed-asset investment shrank by 0.2% in the first six months from a year earlier, in contrast to an 8.1% rise in investment by state entities, official data showed last week, highlighting weak private sector confidence. A special fund from central government budget will be set up by the NDRC to give annual support for 20 cities with high private investment growth and strong policy implementation, the statement said.

Persons: NDRC, Ellen Zhang, Bernard Orr, Kim Coghill Organizations: Communist Party, National Development, Reform Commission, Thomson Locations: BEIJING, China

☆ China has announced a slew of measures to bolster its economy. Here's what we know so far
▼ + stars: | 2023-07-24 | by ( Clement Tan | ) www.cnbc.com time to read: +5 min

Here are some of the key measures released by the Chinese government in recent weeks. Private businessesOn Monday, China's economic planning agency announced a series of measures to promote private investment. Julian Evans-Pritchard Capital EconomicsThe NDRC said it will support private investment in sectors — such as transportation, water conservancy, clean energy, new infrastructure, advanced manufacturing and modern agriculture facilities. The agency is also encouraging private investment projects to issue real estate investment trusts (REITS) in the infrastructure sector to promote asset diversification and further broaden investment and financing channels for private investment. Business sentiment has generally soured amid lackluster economic growth after China's initial recovery following its exit from "zero Covid" faltered.

Persons: Julian Evans, Pritchard Organizations: Afp, Getty, China, Private, Communist Party, National Development, Reform, Pritchard Capital, People's Bank of China, State Administration of Foreign Exchange, China Economics, Capital Economics, Household, Commerce Locations: China, Beijing, Shanghai

☆ China vows to 'adjust and optimize' property policy in 'tortuous' economic recovery
▼ + stars: | 2023-07-24 | by ( Clement Tan | ) www.cnbc.com time to read: +8 min

The post-pandemic economic recovery will proceed in a "wave-like" fashion in a "tortuous" process, it added. On Tuesday, Hong Kong and mainland China stock markets cheered the Politburo's policy pledges, outperforming broader Asia-Pacific benchmarks. The Chinese property sector saw some of the strongest percentage gains in Hong Kong, with developer Country Garden rebounding more than 14% from a nine-month low. By some calculations, the country's property sector still accounts for up to a quarter of China's annual economic activity. Expanding domestic demandLate Monday, China's top leaders pledged to "actively expand domestic demand" and to "expand consumption by raising income levels."

Persons: Xi Jinping, Li Qiang, China Vanke, Goldman Sachs, China's, Julian Evans, Pritchard Organizations: Getty, Communist, Xinhua, Barclays, Index, CSI, Longfor, China Overseas, Observers, Citi, People's Bank, China's, National, Capital Economics Locations: China, Hong Kong, outperforming, Asia

[1/5] A worker sweeps a street in the Central Business District on a rainy day in Beijing, China, July 12, 2023. REUTERS/Thomas PeterBEIJING, July 18 (Reuters) - China is entering an era of much slower economic growth, raising a daunting prospect: it may never get rich. He expects growth to slow to 3%, which "will feel like an economic recession" when youth unemployment is already above 20%. The April-June data puts 2023 growth on track for roughly 5%, with slower rates thereafter. But China's annual growth averaged around 7% last decade, and more than 10% in the 2000s.

Persons: Thomas Peter BEIJING, Desmond Lachman, year's, Wang Jun, Zheng Shanjie, Zheng, Richard Koo, Juan Orts, Xi Jinping's, Zhao, Cai Fang, Zhu Ning, Koo, Liangping Gao, Ellen Zhang, Ziyi Tang, Kevin Yao, Joe Cash, Marius Zaharia, David Crawshaw Organizations: Central Business District, REUTERS, American Enterprise Institute, Reuters, Communist, Huatai Asset Management, Reform Commission, Overseas, Nomura Research Institute, Fathom Consulting, Shanghai Advanced Institute of Finance, Thomson Locations: Beijing, China, Japan, United States, Young, Africa, Latin, U.S, Central

HONG KONG, July 18 (Reuters) - China plans to appoint the CEO of state-owned telecoms giant China Unicom (0762.HK), (600050.SS), Liu Liehong, as the head of its new national data bureau, four sources said, putting him in charge of efforts to make the country a digital superpower. China announced plans for the data bureau in March as part of a sweeping government reshuffle. Its formation is part of efforts to achieve President Xi Jinping's vision of a "digital China", where data is managed alongside labour and capital as a key economic driver. China's internet regulator, the Cyberspace Administration of China (CAC), will also transfer some staff to the data bureau, said one source. "Whether Mr. Liu Liehong will take up any role in the National Data Bureau shall be subject to the decision of the PRC government," it added.

Persons: Liu Liehong, Liu, Xi, China Unicom, Julie Zhu, Kevin Huang, Jane Xu, Brenda Goh, Sam Holmes Organizations: HK, National Data Bureau, Reuters, China, Tech Development Department, Cyberspace Administration of China, CAC, Information Office, National, Bureau, China Electronics Technology Group Corporation, Ministry of Industry, Information Technology, Communist Party, Committee, Thomson Locations: HONG KONG, China, Hong Kong, Chengdu, Sichuan province

☆ China's state planner praises Tencent, Alibaba as attitude towards tech shifts
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Alibaba Group is seen at its office in Beijing, China January 5, 2021. REUTERS/Thomas Peter/File PhotoBEIJING, July 12 (Reuters) - China's state planner on Wednesday praised Tencent (0700.HK) and Alibaba (9988.HK) in a statement detailing a study it had done on platform firms, in the latest sign authorities are warming up to the technology sector after a nearly three-year crackdown. The National Development and Reform Commission (NDRC) said platform companies had become key contributors to areas of tech innovation China was prioritising, such as semiconductors and autonomous driving. The commission's comments come after authorities signalled last week that a crackdown that began in late 2020 on the country's technology sector had ended with fines on Ant Group and Tencent. During the campaign, which wiped billions of dollars off the market value of China's top technology firms, regulators repeatedly criticised and punished these companies for violations ranging from failing to protect customer privacy to monopolistic behaviour.

Persons: Thomas Peter, Tencent, Tencent's, Xi Jinping, Qiaoyi Li, Brenda Goh, Sonali Paul Organizations: REUTERS, HK, National Development, Reform Commission, Ant, Index, Baidu, Thomson Locations: Beijing, China, BEIJING, Hong Kong

☆ China's state planner holds meeting with private firms, including Baidu
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +1 min

BEIJING, July 10 (Reuters) - China's state planner said on Monday it held a meeting with private firms including Baidu (9888.HK) and LONGi Green Energy Technology (601012.SS). This is the second round of dialogue between the NDRC and private firms. Chinese Premier Li Qiang heads the State Council, or cabinet, which oversees the state planner. He has been attempting to reassure the private sector as part of his drive to re-invigorate China's post-pandemic economy. Reporting by Beijing newsroom; Editing by Jacqueline Wong and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Li Qiang, Li, Jacqueline Wong Organizations: Baidu, HK, Green Energy Technology, National Development, Reform Commission, State Council, Beijing, Thomson Locations: BEIJING

☆ Chinese economic planner woos European giants Airbus, BMW despite unresolved tensions over Ukraine
▼ + stars: | 2023-06-23 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The Chinese planner said it supports domestic airlines cooperating with Airbus according to their needs. He also witnessed the signing of the agreements between the NDRC and the European companies separately in Berlin and Paris, according to the Chinese planner. Relations are also strained from recent moves by European Union regulators and governments to limit China’s access to sensitive technology. In March, the European Commission president Ursula von der Leyen called on Europe to reassess its diplomatic and economic relations with China. “Germany is committed to actively broadening our economic relations with Asia and beyond,” Scholz said at a joint press conference with Li, according to French news agency AFP.

Persons: Guillaume Faury, Zheng Shanjie, Li Qiang, Li, Ursula von der Leyen, Olaf Scholz, ” Scholz, China’s Sinochem Organizations: Hong Kong CNN, Moscow, Airbus, BMW, Mercedes, Benz, Volkswagen, Siemens, BASF, National Development, Reform Commission, Union, ASML, European, AFP Locations: Hong Kong, China, Ukraine, Paris, Tianjin, Europe, European, Berlin, Beijing, Russia, United States, Netherlands, Germany, Asia, Italy

☆ Tesla's China expansion hits speed bump amid industry overcapacity
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +5 min

"You could argue that as Tesla, I've got new products, I need to have a new factory to build them in," he said. "But viewed from the China government's point of view, all they see is a market that's oversupplied." Construction of Tesla's Shanghai plant took less than a year to complete after it broke ground on the site in 2019. U.S. luxury EV maker Lucid Group (LCID.O) is also keen to make cars in China but has been advised that the possibility was low, industry sources said. "China needed Tesla to open the market for retail consumers, but Tesla needs China, because the supply chain benefits of being here and the competitive bar that's set here makes Tesla a more competitive company globally.

Persons: Tesla, Bill Russo, I've, Elon Musk, Ding Xuexiang, Musk, it's, Dan Ives, EVs, Nio, Xiaomi, Automobility's Russo, Zhang Yan, Brenda Goh, Jamie Freed Organizations: National Development, Reform Commission, Tesla, Wedbush Securities, Reuters, HK, Lucid, Thomson Locations: China, SHANGHAI, Shanghai, Beijing, CHINA, United States, Southeast Asia, Canada, India, South Korea, Indonesia

☆ China says drafting plans to boost recovery, expansion of consumption
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

BEIJING, April 19 (Reuters) - China is formulating plans to boost the recovery and expansion of consumption, the state planner's spokesperson Meng Wei said on Wednesday, signaling officials are worried about weak demand despite a sharp rebound in retail sales. The National Development and Reform Commission (NDRC) pledged to promote a sustained recovery in consumption. "Currently, we are working on drafting documents on the recovery and expansion of consumption, mainly focusing on key areas such as stabilising big-ticket consumption, enhancing service consumption and expanding rural consumption," said Meng. Meng, at a news conference, also mentioned stabilising of automobile consumption, which was a "big part" of supporting consumption, by promoting new energy vehicles to rural areas. "The international environment is still complex and ever-changing, constraints from insufficient domestic demand are obvious and the foundation for economic recovery is not solid," said statistics bureau spokesperson Fu Linghui on Tuesday.

"The reality is that China has more coal power capacity than it needs," said Zhang Shuwei, director at Draworld Energy Research Centre. That's equivalent to about a hundred large coal-fired plants and enough to supply the whole of Britain. China's big jump in coal power approvals has sparked fears that there will be backsliding on its climate goals. Share of coal in China's energy mixAnalysts note existing coal plants could provide sufficient backup for renewables if they were plugged into a nationwide market, but China's power sector remains fragmented. "It would be far cheaper... to incentivise provincial trading than incentivising new loss-making coal," he said.

China's four new vice premiers:Ding Xuexiang, 60, is the first-ranked vice premier who also sits in the ruling Communist Party's Politburo Standing Committee, China's top echelon of power. Wang Zhigang, 65, remains minister of science and technology. Huai Jinpeng, 60, remains minister of educationPan Yue, 62, remains head of the National Ethnic Affairs CommissionWang Xiaohong, 65, remains minister of public securityChen Yixin, 63, remains minister of state security. Considered a Xi ally, he had worked with Xi when the latter was party chief of Zhejiang province from 2002-2007. Tang Dengjie, 63, remains minister of civil affairsHe Rong, 60, remains minister of justiceWang Xiaoping, 59, remains minister of human resources and social securityWang Guanghua, 59, remains minister of natural resourcesHuang Runqiu, 59, remains minister of ecology and environmentNi Hong, 60, remains minister of housing and urban-rural developmentLi Xiaopeng, 63, remains minister of transportLi Guoying, 63, remains minister of water resourcesTang Renjian, 60, remains minister of agriculture and rural affairsHu Heping, 60, remains minister of culture and tourismMa Xiaowei, 63, remains head of the National Health CommissionPei Jinjia, 59, remains minister of veterans affairsWang Xiangxi, 60, remains minister of emergency managementHou Kai, 60, remains auditor-general of the National Audit OfficeReporting by Yew Lun Tian, Ziyi Tang, additional reporting by Albee Zhang; Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

As debt obligations mount, some local governments are pushing banks to extend maturities and cut interest rates, sources said. Reuters Graphics"BLACK HOLES""The LGFVs have become the black hole of the Chinese financial system. Chinese banks and other financial institutions have been cautious on new lending to LGFVs over the past years. In recent months, some state-owned banks, asset managers, and insurers have been looking into their portfolios to screen LGFV borrowers with weaker creditworthiness and dispose them, separate financial sector sources told Reuters. Offshore branches of Chinese financial institutions have been major buyers of the bonds, industry sources said.

☆ China's state planner tells Qualcomm VP it will provide good business environment for MNCs
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: 1 min

SHANGHAI, March 10 (Reuters) - A representative from China's National Development and Reform Commission (NDRC), the country's top planning agency, met with a VP from Qualcomm Inc (QCOM.O) on March 7 to discuss Qualcomm's business in China, according to an NDRC statement on Friday. At the meeting, the NDRC said that China was willing to provide a first-class business environment for MNCs including Qualcomm to develop in China. Reporting by Josh Horwitz; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

HONG KONG, March 8 (Reuters) - China has announced plans for a national data bureau, describing it as part of an effort to coordinate data resources in the country and to achieve a vision of "digital China" conceived by President Xi Jinping. Xi's vision for a "digital China" aims to see the country populated by smart, internet-connected cities and data treated alongside labour and capital as a key factor to drive the economy and help China compete more effectively globally. In December, China's top leadership published an outline of how China should develop basic data systems and utilize the country's data resources. Last week, they unveiled a new plan that aims for the country to lead digital development globally by 2035. Areas to watch include big data infrastructure, data processing, the digitization of government data as well as data encryption, they added.

☆ China to set up new financial regulator in sweeping reform
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +6 min

The new financial regulator will replace the China Banking and Insurance Regulatory Commission (CBIRC) and bring supervision of the industry, excluding the securities sector, into a body directly under the State Council, or cabinet. The proposal for setting up the new regulator, the National Financial Regulatory Administration, was presented to China's parliament during its annual meeting on Tuesday. China's financial sector is overseen by the People's Bank of China (PBOC), the CBIRC, and the China Securities Regulatory Commission (CSRC), with the cabinet's Financial Stability and Development Committee having overall responsibility. The setting up of the new financial regulatory body comes as Beijing seeks to rein in large corporate and financial institutions that may bring systemic risks via regulatory arbitrage among multiple authorities. 'STRENGTHEN SUPERVISION'The new administration will "strengthen institutional supervision, supervision of behaviours and supervision of functions", according to the plan.

☆ China to form a national bureau to manage its troves of data
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, March 7 (Reuters) - China will form a national data bureau that will be responsible for coordinating the sharing and development of the country's data resources, according to a plan submitted on Tuesday to parliament. The proposed bureau will be administrated by the state planning agency, the National Development and Reform Commission (NDRC), the plan said. This has included issuing a series of new laws that require organisations with large user bases undergo assessments and obtain approvals when handling data. Some firms are struggling with a deadline requiring them to seek approval to export user data. "Multinationals will no doubt want to understand how a centralised data regulator will interface with overseas stakeholders."

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