1. "Housing Assurance Regulation" to be drafted; government has responsibility
"Housing Assurance Regulation" is being drafted by related departments. It is hopeful to be delivered to the State Council in 2008. The housing security system is expected to cover all low-income Chinese families. Xu Zongwei, deputy director general of the Department of Policies and Regulations, Ministry of Construction, and many other experts are interviewed. [www.sina.com.cn, 2007.12.06]
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2. Underground urban pipeline information system to be established
According to the Ministry of Construction, the "Underground Urban Pipeline Regulation" has been drafted. This is the first regulation regarding the management of underground urban pipelines. Underground urban pipeline information systems will be established. [www.sina.com.cn, 2007.12.06]
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3. RMB2b rebuilding plan for Huaihe River region approved
According to the Ministry of Water Resources, a rebuilding plan for the Huaihe River region has been approved by the government. Total investment in the plan is about RMB2b. [www.qq.com, 2007.12.06]
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4. Tightened macro policy to continue in 2008
The government will continue to tighten macroeconomic regulation to prevent the economy from overheating, it said at the conclusion of the annual economic conference yesterday (Dec. 5). Tightening measures will continue in the first half of next year, but they may ease if the expected slowdown in world economic growth drags the Chinese economy with it, analysts said. The high-profile Central Economic Work Conference, an annual event attended by China's top leaders to map out policies for the next year, said monetary policy should play a greater role in macro-control efforts and the government would strictly control loans. [www.qq.com, 2007.12.06]
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5. Rio Tinto would consider formal Chinese offer
Rio Tinto is prepared to consider approaches from China after it was reported that the country's largest steelmaker was planning an offer that could value Rio at more than $200b. Chief executive Tom Albanese said recently that the company is "listening, but not engaged" in talks with the Chinese government and steelmakers, who are the largest customers for Rio's Australian iron ore mines. However, the company is understood to have softened its position and is now prepared to talk if a formal offer at a large enough price is forthcoming. Xu Lejiang, president of Baosteel, was quoted as saying: "We are still studying the plan and are discussing how to launch a bid. If you ask how strong the possibility is, it's quite strong. But, of course, there are other possible responses as well." Those could include securing enough of a stake to block an offer from BHP Billiton. Asked how much a full offer would cost, he replied: "I'm afraid $200b won't be enough." China, through its sovereign wealth fund or an existing company, would have to pay significantly more than BHP because of the tax consequences of paying in cash only. [www.jrj.com.cn, 2007.12.06]
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6. Singapore's Temasek to set up loan guarantee unit in China
The investment arm of the Singapore government, Temasek Holdings Pte. Ltd., will set up a wholly-owned loan guarantee company in China. Total investment will be RMB1b. The planned venture has won approval from the Ministry of Commerce, and is awaiting additional approval from the National Development and Reform Commission (NDRC), China's economic planning agency. Based in Nanjing in eastern China's Jiangsu province, the guarantee firm will seek to operate in cities like Chongqing in southwestern China and Shijiazhuang in the north, following its launch of the unit. The venture will gradually expand into private equity, asset management, and asset-backed securities. Citibank, Carlyle Group and GE Commercial Finance have investments in Shenzhen-based Credit Orienwise Group Ltd., China's largest private guarantee firm. [www.jrj.com.cn, 2007.12.06]
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7. Hard for foreign banks to set up data centers in mainland China
Foreign banks including Standard Chartered Bank and the Bank of East Asia are applying to set up data centers in mainland China. They are still communicating with the China Banking Regulatory Commission (CBRC). Foreign banks need to establish data centers first and then issue bank cards. Standard Chartered Bank and the Bank of East Asia both have data centers in Hong Kong. Citibank has a data center in Singapore. [www.jrj.com.cn, 2007.12.06]
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8. Hong Kong-based and Macau-based human resources intermediary service agencies will not be limited for entering mainland China
Dec. 5, the Ministry of Personnel publishes a regulation drafted jointly by the Ministry of Personnel, the Ministry of Commerce and the State Administration for Industry and Commerce. It encourages a tide relationship among mainland China, Hong Kong and Macau. It encourages Hong Kong-based and Macau-based human resources intermediary service agencies to establish offices in mainland China. This regulation will be put into effect on Jan. 1, 2008. [www.hexun.com, 2007.12.06]
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9. Electric power enterprises have not signed contracts for coal
Dec. 14 to 18, coal enterprises and electric power enterprises will meet in Xianghe, Hebei province, to sign contracts. Coal prices have been raised by RMB30 per ton. Electric power enterprises have not signed these contracts. Dec. 6, the National Development and Reform Commission (NDRC) will hold a conference with electric power enterprises and listen to their reports. [www.hexun.com, 2007.12.06]
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10. SASAC official: information about capital injections into central SOEs before being listed on the stock market should be treated as secret information
Dec. 5, Bai Yingzi, deputy director-general of the Bureau of Reform under the State-owned Assets Supervision and Administration Commission of the State Council, delivers a lecture about the reform of state-owned enterprises at Peking University in Beijing. SOEs are encouraged to list on stock markets. She says information about capital injections into central SOEs before they are listed on the stock market should be treated as secret information. If it is not treated as secret information, stock markets could be influenced. [www.chinanews.com.cn, 2007.12.06]
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11. RMB17m in deposits at ICBC lost; ICBC admits employees at fault
In Aug., 10 more depositors of the Industrial and Commercial Bank of China (ICBC) were informed by police that their deposits at ICBC had disappeared. The total volume of lost accounts is over RMB17m. ICBC's outlet at Sanlihe, Xicheng district, has been found to have engaged in illegal acts. The outlet admits employees transfered the money out of accounts. Huang Jin, an employee of ICBC, is the major suspect. He disappeared three weeks ago. Dec. 5, depositors involved in the case decided to sue ICBC Beijing. [www.chinanews.com.cn, 2007.12.06]
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