China Economic Review - Alpha en copyright 2015 Chinese private equity firm to run $400mn seed fund on AngelList investment platform <p>China Science &amp; Merchants Investment Management Group, the third-largest private equity firm in China with US$12 billion under management, will run a US$400 million seed fund called CSC Upshot intended to compliment individual investors on the investment platform AngelList, <a href="" target="_blank">TechCrunch</a> reported, citing AngelList co-founder Naval Ravikant. SCS Upshot will likely be the largest-ever fund to provide early-stage funding to start-ups once it begins operating. Thu, 01 Jan 1970 08:00:00 CST Jilin provincial government steps in to save Asia's largest corn processor <p>Global Bio-Chem, the third-largest corn refiner in the world and Asia's biggest, has been taken over by a investment firm owned by the government of Jilin province after racking up US$1.9 billion in debt to banks and local businesses, <a href="" target="_blank"><em>The Financial Times</em></a> reported, citing local media.&nbsp;"Historically, local governments don’t like any big employer to close. Thu, 01 Jan 1970 08:00:00 CST PBOC to allow lenders in 11 provinces to use loan assets as collateral <p>The People's Bank of China will allow commercial lenders in 11 provinces to borrow from it using their loan assets as collateral in an attempt to provide cheap financing and enable direct bank lending to targeted sectors of the economy, <em><a href="" target="_blank">The Wall Street Journal</a></em> reported, citing an announcement on the central bank's website. Thu, 01 Jan 1970 08:00:00 CST Supertankers park outside ports as China's oil-buying binge continues <p>Crude oil-bearing supertankers are encountering longer waits outside of Chinese ports, highlighting the country's buy-up of oil amid forecasts of slower economic growth, <a href="" target="_blank">Bloomberg</a> reported, citing vessel-tracking data.&nbsp;At least 19 two-million-barrel-capacity ships were stationed off China’s coast for two weeks or more this month due to a lack of space in some storage tanks. Thu, 01 Jan 1970 08:00:00 CST Party leaders to draft next national five-year plan at Oct. 26-29 meeting <p>The Central Committee of the Chinese Communist Party announced on Monday that it would hold a meeting to draft China's next five-year plan from October 26 to 29, <a href="" target="_blank"><em>South China Morning Post</em></a> reported, citing state media. Thu, 01 Jan 1970 08:00:00 CST