SSE considers to implement T+0 settlement

Shanghai Stock Exchange (SSE) will introduce the market-making mechanism and is considering bringing back the T+0 settlement cycle. China’s A-share market currently adopts the T+1 settlement while it has implemented T+0 in the early 1990s but was changed back to T+1 to control extensive speculation. 

Source: finance.sina.com.cn
China’s tax free trade centre in Hainan to benchmark against Hong Kong

Aiming to form an opened-up market and the world’s largest free trade port in 2035, China has released a master plan that decides to develop the entire Hainan Island into a free trade port. Benchmarking with Hong Kong and Singapore, Hainan will be able to provide supportive policies regarding lower taxation and opened-up financial sector.  

Source: etnet.com.hk
GBA aims to build a centre for international shoppers

Guangdong has rolled out new regulations aiming to foster a centre that can attract international shoppers. The new rules will encourage qualified cities to set up duty-free shops in the cities rather than in airports, generating more convenience. The regulators will also speed up the construction of cross-border e-commerce pilot areas.

Source: aastocks.com
SMEs further supported to overcome difficulties post Covid-19

China continues to issue supportive policies in sectors such as finance, taxation, social security and other fields to help small and medium-sized enterprises (SMEs) overcome the difficulties. The country will continue reducing taxes and fees for SMEs, and will urge relevant departments to roll out detailed rules and implement relevant policies. Third-party assessment will be conducted to evaluate the implementation of these supportive policies. 

Source: aastocks.com
CDB to support GBA with US$50 billion

China Development Bank (CDB) will provide 360 billion yuan (US50.5 billion) of financing support to the Greater Bay Area (GBA) in 2020. The financing plan includes 290 billion yuan of loans. A total of 110 billion yuan will be spent on technology innovation and emerging industries, according to CDB. 

Source: Xinhua
Banks' non-guaranteed wealth management products stand at US$3.65 billion in China

Chinese banks' wealth management businesses remained stable, with the non-guaranteed bank wealth management products amounting to 25.9 trillion yuan (US$3.65 trillion) as of end April, according to China Banking and Insurance Regulatory Commission (CBIRC). As of end last month, 19 banks have been approved by the CBIRC to set up their wealth management subsidiaries, with twelve of them already in operation, according to the regulator.

Source: CBIRC
China eases rules on forex settlement to support cross border e-commerce

China's State Administration of Foreign Exchange (SAFE) has eased regulations on foreign exchange settlements amid efforts to support cross-border e-commerce. With relevant certificates or electronic transaction information, foreign exchange settlements are allowed for individual market entities of international e-commerce entities, without taking up their annual foreign exchange purchase quotas.

Source: SAFE
The two sessions to focus on the economic development post Covid-19

China's annual two sessions, the policy-making meetings held by the country's top legislature and political advisory bodies, will officially start tomorrow. Postponed by two months, the sessions, which used to last for half a month, is cut short to one week this year due to the Covid-19. The two sessions will focus on further opening up and reforms, as well as how the country can boost its economic growth after the Covid-19.

Source: aastocks.com
Over 200,000 5G base stations in use in China

China's number of 5G base stations in use has exceeded 200,000, according to the Ministry of Industry and Information Technology (MIIT). The country now has 128 million registered 4G users. Major telecom operators China Mobile, China Unicom and China Telecom say they will set up over 550,000 5G base stations by the end of 2020.

Source: MIIT
Chinese regulators call for financial support for GBA construction

China's State Council, the People's Bank of China, China Banking and Insurance Regulatory Commission, and China Securities Regulatory Commission have rolled out guidance on the financial support for the construction of the Greater Bay Area (GBA). The guidance calls for improvements in the cross-border trade finance infrastructure and simplifies cross-border investment.

Source: aastocks.com
PBoC to support digitalization in the financial industry

The People's Bank of China will support the financial institutions to speed up their digitalization reform. The central bank will also strengthen the supervision on the implementation of technology in the financial industry.  

Source: aastocks.com
Huawei pushes for 5G car ecosystem

Chinese telecommunication giant Huawei announces that it will partner with a number of car manufacturers to form a 5G-enabled automobile ecosystem. The list of partners includes traditional carmakers like FAW Group and new energy car manufacturer like BYD. The initiative aims to speed up the incorporation of 5G technology in the automobile industry and develop 5G-enabled cars for the market.

Source: cnstock.com