China aims to form a world-class cluster of airports in the Guangdong-Hong Kong-Macao Greater Bay Area by 2025, according to a new plan released by the Civil Aviation Administration of China.
China Banking and Insurance Regulatory Commission (CBIRC) will continue focusing on controlling the risks of shadow banks and cross-financial products, guiding the financial sector to serve the real economy.
China is discussing a new customs supervision mechanism that looks over the free trade areas, including the Hainan free-trade port which has been gaining traction recently.
Chinese tech giant Huawei's revenue rose by 13.1% y-o-y to 454 billion yuan (US$64.9 billion) in the first half of 2020, with a net profit margin of 9.2%, according to the company's recent business results.
China will issue a new series of plans regarding regulatory reforms and innovations in areas including the opening-up of the financial sector, cross-border fund flows trades and cross-border fund flows.
China's local governments have issued around 3.49 trillion yuan (US$496.5 billion) worth of bonds in the first half of this year, and the number for June stands at 286.7 billion yuan.
The research arm of the People's Bank of China has decided to collaborate with the country's leading mobile transportation platform, Didi, regarding pilot programmes in utilizing the central bank digital currency (CBDC).
Funds raised at China's National Equities Exchange and Quotations (NEEQ) have seen an increased by 17.43% in the first half of this year compared to the previous six-month period as it undergoes market-oriented reform. Companies listed on the NEEQ raised 10.63 billion yuan (US$1.5 billion) in the first six months.
Chinese economist predicts that the country's GDP will begin to expand in Q2 and rise by more than 6% in both Q3 and Q4.
As of the end of June, the total amount of renminbi bonds held by overseas institutions registered under the depository of the China Securities Depository and Clearing Corporation (CCDC) surged 33.48% y-o-y to about 2.2 trillion yuan (US$311.6 billion).
Private funds in China has reached 14.08 trillion yuan (US$1.99 trillion) by the end of 2019, recording a y-o-y increase of 10.87%, according to the Asset Management Association of China (AMAC).
The Hong Kong Monetary Authority (HKMA), the People’s Bank of China (PBoC), and the Monetary Authority of Macao (AMCM) have jointly announced the launch of a cross-boundary wealth management connect pilot scheme (Wealth Management Connect) in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).