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MNI China Press Digest May 27: Local Bond, CSRC, Multinational

MNI (Singapore)
MNI (Beijing)

MNI picks key stories from today's China press

Policy NewsHomepageCentral Bank NewsPBOCAPACChinaStoryBond Market NewsEM Policy NewsEM Policy StoryEM Central Bank NewsPeoples Bank of ChinaPolicy StoryRegion
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Highlights from Chinese press reports on Monday:

  • China should consider allowing prefecture-level cities to issue and repay bonds on their own initiative so they can meet their financing needs more flexibly and improve market pricing, Yicai.com reported citing Ma Guangrong, deputy director of the Institute of Finance and Taxation, Renmin University. Under the current system, many bond quotas are given to regions with relatively high debt risks to ease their fiscal pressure, Ma said. Meanwhile, the interest rates of local government bonds are close to treasury bonds, which fail to reflect the differences in fiscal resources and project risks among different regions, making it difficult for the market to restrain local governments from disorderly borrowing, Ma noted.
  • The China Securities Regulatory Commission officially issued the so-called "most stringent" new regulations on shareholding reduction in history on Friday after soliciting public opinions, National Business Daily reported. The new rules increase the pre-disclosure obligations of major shareholders before large shareholding reduction and comprehensively blocked all kinds of bypass channels such as reducing through divorce or refinancing, the Daily said.
  • Chinese firms should focus on ESG (environment, social and governance) responsibilities when expanding abroad to find win-win cooperation, according to Huang Sheng, director at the China-Europe Enterprise and Capital Market Research Center. Firms going abroad must respect local industry rules and aim to enlarge the cake rather than simply eliminate local competition. Huang emphasised companies need to seek "coexistence, symbiosis, and mutual benefit" when developing overseas operations and study how international firms expanded successfully in the Chinese domestic market over past decades. (Source: Yicai)
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Highlights from Chinese press reports on Monday:

  • China should consider allowing prefecture-level cities to issue and repay bonds on their own initiative so they can meet their financing needs more flexibly and improve market pricing, Yicai.com reported citing Ma Guangrong, deputy director of the Institute of Finance and Taxation, Renmin University. Under the current system, many bond quotas are given to regions with relatively high debt risks to ease their fiscal pressure, Ma said. Meanwhile, the interest rates of local government bonds are close to treasury bonds, which fail to reflect the differences in fiscal resources and project risks among different regions, making it difficult for the market to restrain local governments from disorderly borrowing, Ma noted.
  • The China Securities Regulatory Commission officially issued the so-called "most stringent" new regulations on shareholding reduction in history on Friday after soliciting public opinions, National Business Daily reported. The new rules increase the pre-disclosure obligations of major shareholders before large shareholding reduction and comprehensively blocked all kinds of bypass channels such as reducing through divorce or refinancing, the Daily said.
  • Chinese firms should focus on ESG (environment, social and governance) responsibilities when expanding abroad to find win-win cooperation, according to Huang Sheng, director at the China-Europe Enterprise and Capital Market Research Center. Firms going abroad must respect local industry rules and aim to enlarge the cake rather than simply eliminate local competition. Huang emphasised companies need to seek "coexistence, symbiosis, and mutual benefit" when developing overseas operations and study how international firms expanded successfully in the Chinese domestic market over past decades. (Source: Yicai)