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     BEIJING (MNI) - The following are highlights from the China press for
Wednesday, Nov. 22:
     The yuan is expected to maintain short-term stability, the China Securities
Journal reported Wednesday. The U.S. dollar could fall slightly due to concerns
that American tax overhaul legislation may not be passed this year, but because
economic fundamentals are strong in the U.S., the dollar is unlikely to decline
much. On the other hand, analysts said, the yuan will be buoyed by China's
strong fundamentals and stability-encouraging policies. The dollar index and
yields of U.S. Treasuries are expected to experience small-scale fluctuations
due to uncertainties about the tax overhaul. Although the CFETS yuan exchange
rate index has dropped for two weeks, it is still within a recent average, so
there are no signals of depreciation. As long as the dollar index fluctuates
within a tight range, the CFETS index will also tend to keep within that range,
the newspaper said. (China Securities Journal) 
     State-owned enterprises' revenue grew 15.4% in the first 10 months of this
year, compared with the same period last year, to CNY42 trillion, the Ministry
of Finance reported Wednesday. Profit rose 24.6% year-on-year to CNY2.4
trillion. As of the end of October, SOE assets were worth CNY150.6 trillion, up
10.8% from last year, but liabilities grew at a similar pace, 10.6%, landing at
CNY99.2 trillion. SOEs saw large increases in profit in the nonferrous metal,
steel, coal and petroleum sectors, while profit had a relatively big drop in the
electricity sector.
     The Ministry of Land and Resources is leading a nationwide examination of
the sale of residential land to property developers, the Economic Information
Daily reported Wednesday. Provincial regulators are required to submit summary
reports by the end of this month. The campaign aims to clamp down on the illegal
stockpiling of residential land and delays in paying for the land or related
taxes. The examination covers 70 medium to large cities and the hotspot city
Suzhou, as well as some cities that experienced rapid growth of land and housing
prices, such as Haikou and Sanya in Hainan Province. The examination is looking
at whether a property developer has begun construction on time as indicated in
its contract, the stage of the project and the developer's payment for the land.
An unidentified person working in the property sector told the newspaper that
the punishment for violating the law with such projects is not strict enough.
(Economic Information Daily)
     As the Chinese government clamps down on rampant growth and illegal
practices in the payday loan business, financial institutions have begun to
sever their ties with payday loan companies, the Securities Times reported
Wednesday. On Tuesday, Sesame Credit, an online credit scoring provider that is
part of the Alibaba-affiliated Ant Financial, announced it would stop working
with some payday loan companies because their interest rates were above the
maximum rate set by the government, they used illegal methods to collect money
from borrowers and they failed to follow their contracts. Given the tighter
regulation, payday loan transactions are expected to drop in November and
December, in contrast with rapid growth of 372% in October compared with the
same month last year, to CNY12 billion. (Securities Times)
--MNI Beijing Bureau; +86 (10) 8532-5998; email:
--MNI Beijing Bureau; +86 (10) 8532-5998; email:
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