MNI China Press Digest Jan 12: Cars, Bonds, Green Finance

Highlights from Chinese press reports on Friday:

• The Ministry of Commerce will promote the construction of a fair, stable, inclusive and convenient automobile market, and support car companies to improve products and services for consumers worldwide, said MOFCOM spokeswoman Shu Jueting at a presser. China’s automobile exports contributed 55.7% to the total auto sales growth. The country’s automobile exports reached 4.91 million units, a rise of 57.9% y/y, among which fuel vehicles accounted for 75.5%, while electric-vehicle exports grew rapidly by 77.6% y/y, about 25 percentage points quicker than traditional vehicles, data by China Association of Automobile Manufacturers showed. (Source: 21st Century Business Herald)
• The China Securities Regulatory Commission will promote the diversification of bond investment funding sources, guide exchanges to build repurchase and market-making mechanisms, and lower costs of tech-innovation and green bonds, Yicai.com reported, citing an unnamed official from CSRC Bond Department. The issuance of tech-innovation and green bonds reached CNY306.7 and CNY152.6 billion on the Shanghai Stock Exchange last year, a rise of 204% and 6% y/y. So far, a total of CNY21.5 billion of double-labeled bonds ticking green and technology were issued, of which central government-owned enterprises accounted for 96%.
• China will vigorously develop green finance, support qualified companies to issue green bonds, and guide financial institutions and social capital to increase investment, according to the State Council's published guideline “Promoting the Construction of a Beautiful China”. China will also innovate financial support for regional environmental protection projects and promote innovation in climate investment and financing, the document said. (Source: Xinhua News Agency)