Monday, July 22, 2024
The Resolution of the Central Committee of the Communist Party of China (CPC) on Further Deepening Reform Comprehensively to Advance Chinese Modernization and its Explanation was made public on 21 July. The resolution was adopted at the third plenary session of the 20th CPC Central Committee on 18 July. The explanation was made by Xi Jinping, general secretary of the CPC Central Committee, at the third plenary session of the 20th CPC Central Committee.
Monday, July 22, 2024
The one-year loan prime rate (LPR) came in at 3.35% on July 22, down from the previous reading of 3.45%, according to the National Interbank Funding Center. The over-five-year LPR, on which many lenders base their mortgage rates, was lowered by 10 basis points to 3.85%.
Monday, July 22, 2024
It will lower the collateral requirement for medium-term lending facility (MLF) loans starting from this month. The move aims to increase the size of tradable bonds and ease the pressure on supply and demand of bonds in the market, the People's Bank of China said in a statement on its website.
Sunday, July 21, 2024
China's Ministry of Science and Technology reported detailed cases of academic misconduct in national key research and development (R&D) projects and announced strict measures against researchers involved in plagiarism and unethical lobbying in project applications. The implicated researchers will face punitive sanctions, including bans from government-supported research activities and having their names added to an academic dishonesty database. Experts noted that these measures reflect the Chinese government's zero-tolerance toward academic misconduct. They serve as a clear warning to scientific researchers and will help ensure that scientific innovation remains both legitimate and properly regulated.
Saturday, July 20, 2024
iFLYTEK and its subsidiary iFLYHEALTH will set up their international headquarters in Hong Kong's flagship incubator Cyberport, and help with the formation of a local AI ecosystem. "iFLYTEK and iFLYHEALTH plan to invest 400 million Hong Kong dollars (51.22 million U.S. dollars) in Hong Kong over the next five years to establish an international headquarters, an international business headquarters, an international R&D center, an international trade and capital management platform, as well as a 150-member team to drive R&D and overseas market expansion, with a view to establishing an AI ecosystem with tens of thousands of developers," Cyberport said in a press release.
Saturday, July 20, 2024
China's commercial banks saw a net forex settlement deficit of 248.8 billion yuan (about 34.9 billion U.S. dollars) in June, official data showed. In yuan terms, forex purchases by banks stood at around 1.22 trillion yuan, while sales reached about 1.47 trillion yuan, data from the State Administration of Foreign Exchange showed. In the first half of the year, positive factors, including the relatively high surplus of trade in goods, and the recovering trade in services, contributed to China's stable flow of cross-border capital, according to the administration. The net increase in foreign holdings of domestic bonds stood at a higher level at 80 billion U.S. dollars in the first half, which also helped stabilize cross-border capital flow.