MNI China Press Digest March 20: M&A, Consumer Rights, FDI

Highlights from Chinese press reports on Wednesday:

• China’s securities sector will likely face accelerating mergers and acquisitions and increasing industry concentration, as the country aims to launch first-class investment banks, Securities Times reported citing market insiders. A recent document released by the China Securities Regulatory Commission proposed to form about 10 leading institutions in about five years, and build two-three investment banks with international competitiveness and market leadership by 2035.
• Chinese Premier Li Qiang has signed an order promulgating increased protection of consumer rights, according to the 21st Century Business Herald. The document clarifies the government’s responsibility for protecting the interests of buyers, and instructs administrative departments to increase supervision and law enforcement. The signed document includes seven chapters and 53 articles that include tighter rules on using advanced payment practice for goods and services.
• Authorities will implement a new 24-point plan aimed at relaxing foreign investment access in the economy including science and technological innovation sectors, according to the State Council. Officials will support foreign institutions to operate bank card clearing services, and expand the business scope of bond market participation. Non-Chinese firms in pilot-zones can now invest in the application of genetic diagnosis and treatment technologies and multi-nationals can equally participate in national R&D and science programmes. (Source: Yicai)