Central Bank Governor Says China Will Achieve 2018 GDP Target

Yi Gang, governor of the People’s Bank of China. Photo: Caixin. China will achieve its growth target this year, and debt levels in the economy have stabilized, People’s Bank of China (PBOC) Governor Yi Gang said in an exclusive interview with Caixin. Yi’s comments came two days after the International Monetary Fund (IMF) lowered its 2019 growth forecast for China amid con … http://bit.ly/2NFVjZe

China to Cut Banks’ Reserve Requirement, Freeing Up $175 Billion

China’s central bank announced on Sunday that it will cut the amount of cash lenders must set aside as reserves from Oct. 15, freeing up additional liquidity in the banking system in a bid to support the economy. The People’s Bank of China (PBOC) will lower the reserve requirement ratios (RRRs) by 100 basis points for most commercial banks and all the foreign banks, accor … http://bit.ly/2NBsSLK

Agricultural Bank Tries New Approach to Debt-for-Equity Swaps

New company will use the money raised from outside investors to buy equity stakes taken by the bank’s asset management company in debt-for-equity swaps. Plan aims to overcome some of the obstacles that have held back the banks in such swaps. As the government intensifies efforts to promote debt-for-equity swaps to ease the burden on state-owned enterprises (SOEs), Agricultural … http://bit.ly/2Pcik82

Editorial: Copyright Infringers Must Face Consequences

China still has a long way to go in creating a clear system for protecting online intellectual property rights. Recently, the country’s National Copyright Administration, together with a number of other government bodies, launched the 2018 version of the annual “Sword Net” anti-online piracy campaign. This is the 14th edition of the campaign, which debuted in 2005. The … http://bit.ly/2LLEiwo

Editorial: Changes to Personal Income Tax System Must Serve Reform

The recently proposed amendments to China’s personal income tax law have triggered heated public debate. The draft amendments, which include raising the income tax threshold to 5,000 yuan ($768.60) per month from 3,500 yuan, were recently submitted to the Standing Committee of the National People’s Congress for consideration. Finance Minister Liu Kun, when introducing the … http://bit.ly/2KkYTu2