Femorning Daily 16.3.2017

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ChinesePremier Li Keqiang said that this year’s economic growth isset at about 6.5%, which in fact is not low, and is also not very easy. RMB carries weight in theinternational monetary system, the exchange rate will remain basically stable.In addition, we are preparing to try out "bond connect" in Hong Kongand the mainland this year, that is to say, to allow foreign funds to buy Chinamainland bonds from abroad, which is a first.

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     Ministry of Finance of the People's Republic of China news, from January to February, the national general public bud get revenue was 3.1454 trillion yuan, increased 406.9 billion yuan compared with the same period of last year,an increase of 14.9%; the national generalpublic budget expenditure was 2.486 trillion yuan, increased 368.9 billion yuan compared withthe same period of last year, an increase of 17.4 %; the stamp tax of securities transactions was 23.6 billion yuan, down 4.5% year-on-year.

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SecuritiesTimes news, Chairman of NationalCouncil for Social Security Fund of the People’s Republic ofChina(SSF), Lou Jiwei, said that the social security fund can enduregreater annual fluctuations, so it can achieve better long-term returns.Pension balances come from the commission of various regions, and now there hasbeen 137 billion yuan on the account. Over 95% of the entrusted endowment insuranceis required to have no loss in the year, the proportion of the allocation ofstocks is very low. No one can guaranteethat there will be no loss but benefits, but to avoid loss at what level of probability.

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           ECONOMIC INFORMATION DAILY news, the curtain of 550 billion yuan tax and fee reduction is about to open. After the two sessions, the finance and taxation departments will soon release specific implementation details of tax and fee reduction policies. The lists of central and provincial funds and fee will also be published on the website of Ministry of Finance of the People's Republic of China. At the same time, the finance and taxation departments have begun active preparation. The national supervision on the effectiveness of the implementation of the Transition from Business Tax to Value-Added Tax, the policy guidance of the Transition from Business Tax to Value-Added Tax and other works have been carried out. 

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 As of the close on the afternoon of March15th, iron ore main contract closed at 724.5, up 5.46%, rising for threeconsecutive days. FemorningResearch Office believes that one should bealertof the risk of recent iron ore prices falling from a high position. Economic growth of about 6.5% this year will be a very goodexpectation, neutral monetary policy tends to be tight. Coupled with that thedifficulty for steel de-capacity this year increases and port iron ore stockscontinue to remain high, it is expected that last year’s market of iron orewill be very difficult to reappear.

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         China Insurance Regulatory Commission (CIRC) released the notice on matters relating to the improvement of the public inquiry system. The "notice", in accordance with the basic ideas of "being open and transparent while enhancing disclosure", make full use of public inquiry mechanism to urge insurance companies and related parties to improve the level of compliance. The main contents of the notice include the scope of the question, the subject of the question, the form of the question, and the accountability.

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ECONOMICINFORMATION DAILY news, the State-owned AssetsSupervision and Administration Commission of the State Council (SASAC) has deployed the next step of further resolving thesurplus capacity of State-owned KeyEnterprises. Itwill pilot with industries involving serious overcapacity problem like coal,steel and so on, and establish the market exitmechanism of survival of the fittest, for the overcapacity enterprises notmeeting the national energy consumption, environmental protection, quality,safety and other requirements or losing long-term, they will be “closed,suspended, merged or converted” or divested for restructuring.

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        The Beijing News reported that some bank practitioners confirmed that there are banks receiving a notice to tighten the amount of loans, the banks' overall disbursing speed began to slow down, the waiting period for buyers to get the loan has been extended more than before. After the bank credit being tightened, the signs of real estate agents and loan companies’ "advance" business have been emerging.

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CHINANEWS reported, Shanghai Municipal Transportation Commission has interviewed six sharedbike enterprises (currently put a total of about 450,000 bikes), including Mobike and Shanghai ofo, with the consideration that the central city parking capacity isclose to saturation, they are required to suspend bike distributionimmediately. For4 shared electric bicycle enterprises, they are required to stop bikedistribution immediately.

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        China Securities Journal online news, in 2016, there was a surge in power battery equipment orders, the products were in short supply. In 2017, power battery new investment is expected to remain at 100 billion yuan, plus unfinished orders from newly added investment of 100 billion yuan in 2016, lithium battery manufacturers generally don’t have to worry about orders this year.

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