Briefs

Ease Foreign Investment Restrictions China has specified the measures that will ease or lift foreign investment restrictions in its financial markets. Foreign businesses will be allowed to own up to 51 percent of shares in joint ventures in securities， funds or futures， said Vice Finance Minister Zhu Guangyao. The cap will be phased out over three years. Restrictions on investment in Chinese banks and financial asset management companies will be removed， Zhu said. After three years， foreign investors will be allowed to own up to 51 percent of shares in joint ventures in life insurance， with the cap removed in five years. Duty on automobiles will be reduced “at an appropriate pace，” and restrictions on foreign investment in special and new energy vehicle manufacture will be eased in free trade zones before next June.

Maintaining Macroeconomic Policy Chinese Premier Li Keqiang said on November 7 that China would maintain the stability of its macroeconomic policy， and continue reform and opening up in 2018. The government will also further cut taxes and fees for companies to reduce “institutional transaction costs，” said Li.

The premier said Chinas economy this year had performed “better than expected，” a strong response to the “hard landing”scenario， which had been predicted by some. He also cautioned that unstable and uncertain factors remained outside China， deep-rooted structural problems were still prominent in the Chinese economy， and that many risks could not be ignored.

Li said that for 2018， China would also work to let the market play a decisive role in allocation of resources. He said the government would encourage more social entities to start companies and innovate， making the Chinese economy more deeply integrated into the world economy. The premier said China should prioritize quality and efficiency when developing its economy， and deepen supply-side structural reform.

Industrial Internet China has set a clear timetable for integration of industry and the Internet， or the industrial Internet， a senior official said on November 3. By 2025， construction of the Industrial Internet Infrastructure Network covering all regions and sectors will be basically complete， said Chen Zhaoxiong， Vice Minister of Industry and Information Technology （MIIT）.

By 2035， China will lead the world in key sectors of the industrial Internet field. By the middle of the century， China should be among the top countries in terms of overall strength of industrial Internet.

“The industrial Internet is a new concept that matters to the whole world，”said Han Xia， an MIIT official. “Compared with developed countries， China still lags behind.” A State Council Executive Meeting on October 30 approved guidelines on developing the industrial Internet， promising streamlined administration and fiscal support. Market access will be widened， and companies encouraged to seek private funding. The industrial Internet is the integration of complex physical machinery with networked sensors and software.

Financial Stability Committee China has set up a committee under the State Council to oversee financial stability and development， according to an official statement on November 8. The committee will focus on the deliberation and coordination of major issues concerning financial stability and related reform and development， according to the statement.

“The committee will be tasked with deliberating major reform and development programs for the financial sector， coordinating financial reform， development and regulation， issues concerning monetary policy， and the making of financial policies and related fiscal and industrial policies，” the statement said.“The reason why China has decided to launch a financial stability committee is that it could shore up weak links in supervision and strengthen comprehensive coordination，” said Lian Ping， Chief Economist with the Bank of Communications.

Rural Tourism China hopes to develop tourism in rural areas to help lift more people out of poverty as the government has identified poverty eradication as the key task in completing the building of a moderately prosperous society by 2020. China aims to lift 12 million people out of poverty through tourism from 2016 to 2020， according to the China National Tourism Administration （CNTA）. In southwest Chinas Guizhou Province， authorities have identified thousands of tourism resources and supported 14 impoverished counties to build tourist areas.

The projects have helped 70，000 villagers raise their incomes to above the provincial poverty line， according to the CNTA. Across the country， local governments have mobilized efforts and pumped funding into improving infrastructure and services in rural areas to facilitate the development of tourism. China has set 2020 as the target to complete the building of a moderately prosperous society， which requires the eradication of poverty. As of the end of 2016， there were 43.35 million Chinese still living below the national poverty line.