Ministry of Education assured students studying online that their degrees will remain valid. Higher ed institutions are urged to credit completed courses and ease transfer to a Chinese or joint Sino-foreign campus for students who have suspended overseas studies.
The National People’s Congress adopted the Civil Code on 28 May 2020, a legal coming of age. A massive piece of legislation, it brings together existing civil legislation, clarifies rights and introduces new regulations. Elements were put to the public ten times, receiving more than 1 million opinions and suggestions.
Ministries are adjusting and releasing new long-term strategies. Following several bank bailouts in 2019, and the declaration of Baoshang Bank’s bankruptcy last month, CBIRC released a three-year plan to upgrade corporate governance in the finance industry.
Expanding a secure social safety net dominates the agenda, with CCP Central Committee and State Council outlining plans to revamp social assistance. Extending services rather than funding is proposed, along with enlisting charities and other non-state actors. Emphasis is on timeliness.
Payments to the state when land is bought and sold (‘transfer of land use rights’) have long been a pillar of local government revenue. Under real economic stress in H1, local finances were cushioned by land sales, averting slumps in fixed-asset investment.
Shenzhen base stations now outnumber those in Europe. Subsidies of C¥10,000 per station make it China’s first city with full 5G coverage. Stand-alone 5G will launch September 2020. A more capable variant of 5G, it will support industrial applications
Largest in the world, the exact size of the PRC’s DWF fleet is disputed. It is growing, with a huge cohort operating illegally. Domestic regulations are being revised, but turning the industry is a Titanic task.
Trade and inward foreign investment should step up following 15 State Council measures. International players may apply for state financial and other aid (e.g. C¥1.5 tn re-loan and re-discount program and China Exim Bank’s C¥570 bn new loan funds). Foreign business travellers will be helped to return, though still subject to quarantine.
With the Politburo demanding long-term plans, ministries are assembling theirs for H2. Funding SMEs to create jobs is high on PBoC’s (People’s Bank of China) agenda. Money supply and social financing will be higher than in 2019, advises Yi Gang 易纲 PBoC governor.
AIIB shares BRI’s broader vision of gaining institutional voice and providing public goods in its region, unpacked as four breakthroughs by Chairman Xi at the bank’s fifth annual meeting. Columnists note a shift in Xi’s stance, reflecting the pandemic and its aftershock.
A new investment framework focuses on new (along with and traditional) infrastructure and new urbanisation. To improve amenities in accord with local needs, it turns to private investment and public–private partnerships more than ever before.
‘Improving the business environment’ yet again topped agendas in recent weeks with Xi Jinping 习近平 weighing in on the issue. Private firms, not least SMEs, are critical for jobs and tech progress, he told a 21 July symposium for entrepreneurs.