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    ENGLISH EDITION OF THE WEEKLY CHINESE NEWSPAPER, IN-DEPTH AND INDEPENDENT
    site: HOME > > Economic > Digest > Newspaper
    Issue Wrap No. 444, November 16
    Summary:

    Highlights from the EO print edition, issue no. 444, November 16, 2009

    Regulators Probe "Rat Trading" at Funds
    Cover
    ~ China's securities regulator recently conducted a sweeping inspection campaign aimed at cracking down on trading malpractices among funds in Shenzhen, Shanghai and Beijing.
    ~ The campaign was launched by Wu Qing, who took up the post of director of the Fund Supervision Department within the China Securities Regulatory Commission in April this year.
    ~ As part of the investigation, three fund managers were found to have engaged in so-called "rat trading," which Hong Kong's Securities and Futures Commission defines as "a generic term used in the local securities and futures markets to cover a wide range of malpractices by staff of brokers, in particular floor traders, trading to the disadvantage of clients".
    Tu Qiang from Invesco Great Wall Fund Management Company along with both Han Gang and Liu Hai from the Great Wall Fund Management Company were found to have engaged in insider trading.
    ~ During the investigation, the CRSC used a Microsoft-developed device called Computer Online Forensic Evidence Extractor (COFEE), the EO learned.
    Original Article: [Chinese

    Consumer Rights Protection Law to be Revised 
    News, page 4
    ~ Chinese consumers with complaints about low-quality products or services will be better protected and eligible for compensated once revisions to the Law of the People's Republic of China on Protection of Consumer Rights and Interests are passed.
    ~  Chinese consumer who buy financial, automobile, antique, property, education, medical products or services find it difficult to get help from the legal system if they are adversely affected by the poor quality of these products and services.
    ~ Currently, products and services in these areas are not viewed as being under the purview of the Protection of Consumer Rights and Interests Law.
    ~  According to the recently-passed Food Safety Law, consumers who have been injured or adversely affected by food products are eligible for compensation equivalent to ten times the original price paid. Such a formula for compensation is may also be introduced to cover those effected by poor quality products in the areas mentioned above.
    Original Article: [Chinese

    Update on "CIC No. 2" - New Asset Management Company to Receive State Council Approval
    News, page 4
    ~ China State Council has approved the draft plan proposed by China's state-owned assets regulator to set up a third state-owned asset management firm to better manage state assets, the EO learned.
    ~  The two existing  state-owned assets management company are the State Development and Investment Corporation (SDIC) and China Chengtong Group. SDIC is charged with taking over state-owned enterprises that are complementary to its own business, while Chengtong is responsible for turning smaller unprofitable enterprises around.
    ~ We first reported on China's plans to set up a third state-owned assets management company under the State-Owned Assets Supervision and Administration Commission of the State Council (SASAC) back in July. At that time it was reported that the company would be called Guoxin Asset Management Co.
    ~ In earlier media reports, the as-yet-to-be-named new asset management company was often referred to as "CIC No. 2", in reference to China's 300 billion dollar sovereign wealth fund, the China Investment Corporation (CIC), but in fact in would have made more sense to refer to the company as "Chengtong No. 2", as it likely that the new company will complete tasks similar to that handled by Chengtong, namely, turning small-scale, unprofitable assets of central enterprises supervised by SASAC into profitable companies.
    ~ People familiar with the matter revealed that State-owned Assets Supervision and Administration Commission was still soliciting suggestions and comments from other ministries in terms of what the new firm's structure, target location, work flow and other operating details would look like.
    ~ The new company will share the task of reducing the number of state-run central enterprises to between 80 and 100 by the end of 2010.
    Original Article: [Chinese]

    Ministry of Science and Technology Questions Claims of Overcapacity in New Energy Sector
    News, page 5 
    ~ The Ministry of Science and Technology (MOST) has released a report that states there is in fact no looming overcapacity in the new energy sector.
    ~ The report contradicts earlier warnings from both the Ministry of Industry and Information Technology (MIIT) and National Development and Reform Commission (NDRC) that wind power turbines, solar power cells and even the nuclear power sector was beginning to exhibit signs overcapacity.
    ~ According to media reports, there were more than 50 new projects devoted to producing crystalline silicon (used in the production of solar cells) and that they had a total annual capacity of 230,000 tons, more than double total global demand.
    ~ However, according to the investigation conducted by MOST, only 15,000 tons of crystalline silicon are currently produced by about dozen firms while domestic demand is about 40,000 ton a year.
    ~ Officials with MOST claimed that the media was reporting planned capacity instead of real production capacity.
    ~ They also attributed claims of overcapacity to the efforts of big enterprises who want to dominate the market by preventing other companies entering these emerging industries along with local officials who have been boasting of their plans to develop new energy projects which are still far from being realized.
    Original Article: [Chinese]

    Tax Breaks Proposed to Encourage Investment in Rural Finance
    Market, page 20
    ~ Financial institutions across mainland China that issue loans worth below 50,000 yuan to rural residents may be exempt from remitting business taxes and they'll also receive tax breaks when it comes to paying their corporate income tax.
    ~ China's Ministry of Finance recently submitted a draft plan to the State Council for approval which will allows financial institutions that make small loans to rural customers to only be taxed on 90% of their revenue.
    ~ If the plan is approved, more banks are likely to begin offering finance to rural areas and the agricultural sector.
    ~ At present, only rural credit cooperatives, rural cooperative banks and rural commercial banks enjoy favorable tax policies in relation to their loans to farmers.
    Original Article: [Chinese]

    Central Huijin To Inject $4 Billion in Sinosure
    Market, page 21
    ~ Central Huijin Investment Company, the domestic investment arm of the country's $300 billion sovereign wealth fund, will inject 4 billion US dollars into China Export and Credit Insurance Corporation (Sinosure) to help the latter complete its shareholding reform, the EO learned.
    ~ However, details of the insurer's reform plan are still to be determined.
    Original Article: [Chinese]

    Direct From Farm to Supermarket
    Market, page 25 
    ~ Beijing customers of both foreign-owned supermarket chains like Carrefour and Wal-Mart, and domestic retailers like Wumart and Jingkelong, are enjoying both fresher and cheaper vegetables thanks to a project promoted by the Beijing government.
    ~ Known as "Farmers-Directly-Linked-to-Supermarkets," the project involves transfering locally-grown vegetables from fields to supermarkets within 12 hours.
    ~  As no intermediaries are needed, farmers are able to sell their products at a higher price and in a timely fashion. 
    ~By adhering to certain unified standards, the project also helps to insures the safety of food products.
    Original Article: [Chinese]

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