(Yicai Global) March 18 -- The government aims to bring in tax reductions and fee cuts while streamlining administration and loosening requirements for market entry following a meeting headed by Chinese Premier Li Keqiang at the 13th National People's Congress. The country aims to withstand the pressure of an economic downturn and keep operations within an appropriate range, so as to turn China into an anchor for stabilizing the global economy.
The second session of 13th National People's Congress voted and passed China's Foreign Investment Law. This is the first basic uniform law in the country's foreign investment field and will come into effect from Jan. 1 next year. The law specifically defines that China will implement pre-establishment national treatment and the management institution of the negative list on foreign investment.
Various preparations for Shanghai's upcoming science and technology innovation board are in full swing. The review system will officially start to accept applications from today with the first batch of firms to receive pre-listing tutoring already underway.
In the past week, the Shanghai Stock Exchange Composite Index rose 1.75 percent and the Shenzhen Component Index increased 2 percent. The ChiNext Price Index, which tracks growth enterprises in Shenzhen, went up 0.49 percent. The rebound in the macro-economy, policies supporting the growth of capital markets and other factors provided strong support for the stock market and shares performed well after seeing a sharp decline in the week before.
The Securities Association of China recently assembled brokerage firms for a special conference, emphasizing they should learn from the lessons of abnormal fluctuations in the stock market in 2015.
The actual increase in the added value of industries with annual revenue of more than CNY20 million from their main businesses was 5.3 percent during January and February, while the growth rate declined 0.4 percentage point compared with December. Total retail sales of social consumer goods amounted to CNY6.6 trillion (USD983 billion) with an annual nominal climb of 8.2 percent, according to official data.
Sales prices of newly-built residential houses in the four first-tier cities of Beijing, Shanghai, Guangzhou and Shenzhen grew 0.3 percent in February compared with January and that of second-hand homes rose 0.1 percent monthly, according to official data. Housing prices in January and last month were generally steady while investment in the sector has accelerated, according to Mao Shengyong, spokesperson at the statistics bureau.
New vehicle sales fell nearly 15 percent in the first two months of the year to 3.9 million. The sales of new energy cars were unaffected by the upcoming end of subsidies, however. Some 53,000 NEVs were sold in February, up 53.6 percent compared with last year, according to data from China Association of Automobile Manufacturers.
State broadcaster China Central Television held the 315 Gala on March 15 to expose companies that infringe customers' rights and interests. The included BlueFocus, Rong360 and many other listed firms.