Femorning Daily 18.9.2016

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1、新浪财经消息，人民大学经济学院教授刘凤良表示，短期内需要维持较为宽松的流动性，不急于降杠杆；财政需要维持较为宽松的态势，但是投向更多以改革为目标，逐步实施投向结构的调整。

Sina Finance news, Professor Liu Fengliang of the School of Economics at Renmin University of China (RUC) expressed that to maintain relatively easing liquidity is needed in the short-term, do not rush to drop leverage; the finance needs to maintain a relatively easing posture, but the investment should be more targeted at the reform, progressively implementing the adjustment of investment structure.

2、中国经营报消息，财政部对个人收入信息问题的研究已经有两年以上时间，目前这项工作仍在持续推进中。在企业年金和个人商业保险健康相继纳入个税抵扣范围后，个税递延型养老保险方案的探讨也在推进中。从上海开始申报首个税递延型养老保险试点以来，预计年内出台方案的可能性较大，这将成为当前个税改革一个重要的突破口。

CHINA BUSINESS JOURNAL news, Ministry of Finance of the People's Republic of China has been researching personal income information issue for more than two years, and this work is currently advancing continuously. After enterprise annuity and personal commercial health insurance being incorporated into the scope of the personal income tax deduction, the discussion about personal income tax-deferred pension scheme is also advancing. Since Shanghai began the declaration of the first tax-deferred pension insurance pilot, it is expected that the possibility of introducing the scheme within the year is relatively large, which will become an important breakthrough of the current personal income tax reform.

3、新浪财经消息，中银国际曹远征表示，快速去产能必然导致经济衰退，如果快速去杠杆和去产能同时发生，经济就会出现风险。短期应把杠杆稳住，但稳杠杆并不是目的，而是通过比较宽松的货币政策，为将来创造条件去杠杆。据测算结果显示，必须在2020年前完成去产能。

Sina Finance news, BOC INTERNATIONAL Cao Yuanzheng said that the rapid de-capacity will inevitably lead to a recession, if rapid deleveraging and de-capacity occur simultaneously, the economy will be at risk. The leverage should be stabilized in the short-term. However, stabilizing leverage is not the objective, but to create conditions for future deleveraging through relatively loose monetary policy. According to the calculation results, de-capacity must be completed before 2020.

4、券商中国消息，各地银监局及银监分局对于商业银行票据业务违规开出的罚单也不在少数。据统计，三季度银监局及银监分局下发的44张罚单中，因票据业务违法违规而受到处罚的数量占比高达52%。此外，因贷前贷后管理失职，资金使用监测不利成为吃罚单的第二大原因。

Quanshangcn news, local banking regulatory bureaus and banking regulatory suboffices issued quite a lot of tickets for commercial banks’ banking bill business violations. According to statistics, in the third quarter, among the 44 tickets issued by banking regulatory bureaus and banking regulatory suboffices, up to 52% were punished because of illegal banking bill business. In addition, due to misconducts in pre-loan and post-loan management, incompetence in monitoring the use of funds has become the second leading cause of being ticketed.

5、中国经营报消息，虽然分层制度已经出台，私募做市也被提上日程，但新三板的流动性仍不足，交易量依然不甚理想。业内称，要解决新三板流动性问题，除了引入私募基金、公募基金、降低投资者门槛外，大宗交易的落地也必不可少。预计大宗交易制度有望年底前落地。

CHINA BUSINESS JOURNAL news, although the hierarchical system has been introduced and the private equity market-making has also been put on the agenda, the New Over-The-Counter Market is still insufficient of liquidity, trading volume is still not ideal. The industry insiders said that to solve the liquidity problem of the New Over-The-Counter Market, in addition to the introduction of private equity funds, public funds, reducing the threshold for foreign investors, the touching-ground of block dealings is also essential. It is expected the block trading system will be hopefully implemented before the end of the year .

6、国际电信联盟近日发布报告指出，截至2016年底，全球互联网用户人数将达35亿，相当于全球人口的47％。中国互联网用户人数达7.21亿，位居全球第一；印度互联网用户人数达3.33亿，超越美国位居第二。此外，全球仍有大约39亿人未能接入互联网。

The International Telecommunication Union (ITU) recently released a report pointing out that, as of the end of 2016, the global internet users will reach 3.5 billion, equivalent to 47% of the global population. The internet users in China will reach 721 million, ranking first in the world; the number of Internet users in India will reach 333 million, surpassing the United States in the second place. In addition, about 3.9 billion people worldwide still don’t have access to the internet.

7、光明日报消息，9月29日，上海自贸区建设将满3周年。据悉，上海自贸区海关推出的“23+8”项制度中已有21项在全国海关复制推广。其中“先进区、后报关”“自行运输”“三自一重”等改革成果在全国复制推广，在区域海关通关一体化和全国海关通关一体化改革中发挥了重要作用。

Guangming Daily news, by September 29th, the construction of Shanghai Free Trade Zone will have been 3 years. It is reported that 21 regulations among the "23 + 8" regulations launched by Shanghai Free Trade Zone Customs have been replicated and promoted in the customs national wide. Among them, "entering the zone before declaration," "self-carriage" "three-self and one-emphasis" and other reform results have been replicated and promoted nationally, and have played an important role in the reform of regional integrated customs clearance and national integrated customs clearance.

8、北京晨报消息，伴随着最近两年来中国内地数字音乐的迅猛发展，中国内地的音乐市场越来越受到国际方面的关注。目前几大国际平台都表示看好中国数字音乐，他们指出，中国有6.5亿的在线用户群，挖掘潜力巨大，此前欧美当红歌手会绕过亚洲直接去澳大利亚推广作品，但目前这一现状正在发生变化，未来中国有望成为付费音乐高端市场。

BEIJING MORNING POST news, along with the rapid development of mainland China's digital music in the last two years, mainland China's music market is getting more and more international attention. Currently several major international platforms have expressed their optimistic views about the Chinese digital music, they pointed out that China has 650 million online users, which has a potential for digging, previously, popular European and American singers will bypass Asia and go directly to Australia to promote their works, but this situation is changing right now, China is expected to be future high-end market for paid music.

9、人民日报消息，一些以低价“吸睛”的出境旅游线路产品，价格只是“看上去很美”，游客选择仍需多问几个“为什么”。业内人士指出，现在所谓的低价团费出境游，往往是价格“虚低”。一些产品不包含签证费、小费等，加之很多景点项目都成了自费，甚至行程中进店购物环节偏多等，会使得团费价格“看上去很美”，而实际花费并不少。

PEOPLE’S DAILY news, for some of the low price "compelling" outbound tourism route products, the price is just "looking beautiful", tourists still need to ask a few more "whys." Industry insiders point out that the so-called low-cost fares outbound tourism, the price is often "faking low." Some products do not include visa fees, gratuities, plus many attractions have become items at tourists’ own expense, some even have too much store shopping during the trips, these will make the tour price "look beautiful", while the actual cost is not lowered.

10、美国财政部公布数据显示，7月，中国减持220亿美元美国国债，持有规模降至1.2188万亿美元，仍为美国第一大债权国；日本增持69亿美元美国国债，持有规模升至1.1546万亿美元，仍为美国第二大债权国。

U.S. DEPARTMENT OF THE TREASURY released data showing that in July, China's holdings of US Treasury is $ 22 billion, the size of holdings fell to $ 1.2188 trillion, still remaining as America's largest creditor; Japan increased $ 6.9 billion holdings of US Treasury bonds, the size of holdings rose to $ 1.1546 trillion, still America's second largest creditor.

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