Briefs

Digital Jobs Chinas digital economy is predicted to create over 400 million jobs by 2035， a new report has said. The Internet-based economy could be worth $16 trillion by then， according to a Boston Consulting Group report， recently released at a new economy summit sponsored by Alibaba Group. Alibaba， Chinas biggest online trader， is expected to generate over 100 million of those jobs， according to the report， with 30 million created last year. As jobs are created， digital technology like cloud computing and artificial intelligence will replace more and more manpower. Meanwhile， 20 percent of the worlds population will become self-employed or freelance via the Internet in the next decade. The digital economy will surpass the manufacturing sector in scale and account for a quarter of the worlds economy.

Property Market Supervision China will strengthen housing market supervision to ensure healthy development of the sector， an official statement has said. The Ministry of Housing and UrbanRural Development revealed violations of 21 real estate developers， who in hopes of boosting sales， spread rumors， published false information， operated without licenses， and hoarded unsold homes. The companies will face administrative penalties ranging from business licenses suspensions to fines， with serious cases being transferred to the judicial departments. The ministry said it will continue to act tough on such activities to expel “black sheep” from the market. It is the latest move by Chinas Central Government to improve market order in the property sector after irregularities were highlighted when the sector was booming. The housing market in major cities has shown signs of cooling as a spate of measures were rolled out by local authorities.

Boosting West China China has mapped out a plan to improve the economy， standard of livelihood and environmental conditions to a new height in its western regions by 2020， the countrys top economic planner said on January 16. The State Council has released the plan setting goals for the countrys “go west”strategy for 2016-20， according to the National Development and Reform Commission（NDRC）. The government should complete the building of a moderately prosperous society in west China by 2020， said the plan. Specific targets include sustained and healthy economic development， stronger innovation， more progress in industrial upgrading and infrastructure construction， as well as better environment and public services. Major projects will be implemented to strengthen environmental protection， conserve energy and resources and improve disaster prevention and relief， according to the plan.

Better Connectivity Infrastructure China will invest big in information infrastructure in the next three years as a way to help develop the new economy and foster growth momentum. About $170 billion will be channeled into the Internetbased projects， mainly broadband and mobile network improvement， according to guidelines released on January 12 by the NDRC and the Ministry of Industry and Information Technology. Among the goals set by the document， a total of 90，000 km of high-speed fiber-optic trunk cables will be built by 2018， expanding the broadband network coverage to all urban areas and 90 percent of the countryside. China will add 2 million 4G base stations， mainly in townships and villages. The number of points of presence connected to overseas networks will be increased to 120， up from the current 80， in a bid to enhance connectivity to the rest of the world.

Attracting Foreign Capital China is opening more sectors to foreign investment along with measures to level the playing field. The State Councils Executive Meeting on December 28， chaired by Premier Li Keqiang， approved a new guideline to further attract foreign investment and advance Chinas opening up. According to the new guideline， foreign investment access hurdles will be dropped in a number of manufacturing sectors， including rail transportation， motorbikes and ethanol fuels. Foreign capital will have access to energy， water conservancy， environmental protection and utilities via franchise agreements. Foreign capital will be encouraged to enter high-end manufacturing industry， as well as manufacturing related services， such as industrial design and modern logistics. Accounting and auditing， architecture design and rating services will be open to foreign investment for the first time. The new guideline emphasizes equal treatment for foreign investors， and no additional restriction is allowed.

Reducing Financial Risks Chinas central bank has ordered thirdparty payment platforms to put part of their customer provisions in specific official accounts to reduce financial risks. From April 17， non-bank payment institutions such as Alibabas Alipay should put some of their customers stock fund into specific accounts in designated institutions with no interest paid， according to a statement released by the Peoples Bank of China. Customer provisions are money that clients pay in advance to payment platforms for certain services and are often used by these platforms for their own profit. The new order aims to defuse financial risks as customer provisions may be earmarked by payment companies for high-risk and illegal practices， the statement said.