China Economic Review - Alpha en copyright 2015 Beijing to delay implementation of tech rules for foreign banks <p>The Chinese government has agreed to delay implementation of new bank technology regulations that would force foreign banks to turn over source code and other trade secrets, <em><a href="">The Wall Street Journal</a></em> reported, citing an unnamed US Treasury official. Thu, 01 Jan 1970 08:00:00 CST Beijing lowers down payment floor, expands tax exemptions for housing sector <p>The People's Bank of China cut the minimum down payment for a second home to 40% across the country, down from as much as 70% in Beijing and Shanghai, while the finance ministry expanded a capital-gains tax exemption to sellers who have owned a home for as few as two years, down from five, <em><a href="">The Financial Times</a></em> reported. Thu, 01 Jan 1970 08:00:00 CST Authorities shut down 66 mainland golf courses <p>Regulators shuttered 66 golf courses on Monday in what the National Development and Reform Commission called enforcement of&nbsp;laws to limit water usage and conserve arable land, <a href="">Reuters</a> reported. The 2004 law cited by the commission&nbsp;had&nbsp;only been enforced once before&nbsp;when authorities ordered the demolition of five courses last year on similar grounds. Thu, 01 Jan 1970 08:00:00 CST Geely's Volvo to spend $500mn on new US plant <p>Geely-owned (0175.HKG) Volvo&nbsp;will spend US$500 million on building a new vehicle plant in a yet-unnamed US state, <a href=""><em>The Wall Street Journal</em></a> reported.&nbsp;The decision comes after sales last year grew worldwide, driven largely by Chinese and European markets. But&nbsp;American sales were down 8%,&nbsp;well short of the number needed to prove viability. Thu, 01 Jan 1970 08:00:00 CST Natural gas distributor ENN aims for sales volume growth despite price hike <p>Mainland urban natural gas distributor ENN Energy (2688.HKG) is aiming to grow sales volume by 25% this year&nbsp;despite a September price hike that pared its&nbsp;profit margin, <em><a href="">South China Morning Post</a></em> reported, citing officials at the company. Thu, 01 Jan 1970 08:00:00 CST Central bank governor warns over risk of deflation <p>Zhou Xiaochuan, governor of the People's Bank of China (PBOC), urged vigilance over the threat of deflation speaking at the Boao Forum in Hainan on Sunday, reports Reuters. Zhou noted that inflation had been slowing too quickly, and in February the central bank’s newspaper warned China was close to suffering from deflation. Inflation has slowed in part as a result of falling commodity prices, and PBOC has cut interest rates twice since November in order to stave off the threat of deflation.</p> Thu, 01 Jan 1970 08:00:00 CST Australia announces plans to join China-led Bank <p>Australia is the most recent in a series of American allies to sign up to the China-led Asian Infrastructure Investment Bank (AIIB), reports the New York Times, following an announcement from the office of Prime Minister Tony Abbott. Mr Abbott stated that Australia recognized the need for infrastructure development across Asia, whilst also emphasizing concerns that no one country would have control of its direction. Thu, 01 Jan 1970 08:00:00 CST Facebook courts Chinese business <p>Despite being banned in mainland China, Facebook Inc. has been ramping up its China strategy, reports the Wall Street Journal. In addition to hiring in Hong Kong, the social networking company has raised its advertising revenue over the past year, despite Chinese users being unable to access the website, as it has reached out to local companies offering the prospect of reaching its 1.39 billion active monthly users around the world. This trend comes during a period when Chinese officials have tightened their grip on cyberspace in China and strengthened the so-called Great Firewall.</p> Thu, 01 Jan 1970 08:00:00 CST China’s Big Four Banks double write-off <p>China’s major banks wrote off or transferred out more than double the amount of non-performing loans last year than they did in 2013, according to the Wall Street Journal. Between Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China and China Construction Bank (CCB) – China’s big four banks – this amounted to roughly RMB 128.98 billion. Thu, 01 Jan 1970 08:00:00 CST