Tianjin seeks to appease investors over rising funding costs

The vice mayor of Tianjin told financial institutions on Tuesday he expected no additional state companies to default in the northern Chinese city and promised to maintain a healthy credit environment.

Since late 2020, several defaults by state firms including Yongcheng Coal & Electricity Holding Group Co, Tsinghua Unigroup Ltd and automaker Huachen Automotive Group have eroded investor confidence, pushing up corporate funding costs.

"Companies are not lacking in profitable projects, and the market is not lacking in capital," Tianjin's vice mayor Kang Yi told a gathering of financial institutions, the sources said.

"If market confidence remains weak, both investors and companies will suffer badly," he said.

Underscoring weak investor confidence, net bond financing by Tianjin-based state companies was negative 82.4 billion yuan ($12.73 billion) in the first five months, and debts issued were mostly short term.

Kang told investors the darkest period was past and the city government would do its best to protect investor interest, the sources said.

"The message to the market is: with government backing, there's nothing to fear," said one of the sources, who asked not be name because they were not authorised to speak to the media.

The meeting's participants included officials from the state asset regulator, China's securities watchdog and China's financial market association, the sources said.

天津市召开债券市场投资人恳谈会：将千方百计维护好信用生态

6月22日下午，天津市人民政府相关领导以及当地国资委、金融局等召开债券市场投资人恳谈会，天津银保监局、央行、证监会、上交所、深交所、交易商协会等相关负责人出席会议，现场参会的债券投资机构高达数十家。

天津市相关领导就天津市经济社会发展进行了宣讲，并就公开市场债券风险防范工作做出了表态。

他表示，天津经济恢复正常，经济发展质量持续改善，2021年一季度全国经济总量前15位城市中天津GDP排名12位、外贸出口总额占比排名第6位、一般公共预算收入排第3位。

在国有企业的改革方面，他表示，国企债务风险基本化解，存量债务规模下降。在国企市场化改革方面，推行国有企业职业经理人制度改革，彻底打破“铁饭”，实行任期制和契约化管理，彻底激发企业活力。18家一级企业选聘76名职业经理人，311户二三级企业选710名职业经理人。2020年市属国企实现净利润179.7亿元，同比增长1.2％。今年一季度，除个别非正常经营企业，市属国企净利润同比增长14.3％。

就当前面临的问题，该人士坦言，天津辖区企业债券融资面临融资渠道规模下降、发行成本持续上升、债券短期化趋势明显等挑战。据介绍，由于投资者信心不足，2021年1-5月，天津市国企债券净融资-824亿元。2021年1月起，天津市国企发债成本处于上升态势，2020年12月平均发债成本一度高达5.69%。期限上，2021年1-5月没有新增5年期以上债券发行，其中4-5月甚至没有1-3年期债券发行。

但他表示，“企业不缺项目、未来收益可期，市场不缺资金，缺少的是信任和信心。如果市场信心一直持续得不到改善，投资者和企业都将面临重大损失。”

该人士表示，当地政府千方百计维护好信用生态。他表示，将综合施策，分类分层化解问题企业存量债务风险。对于前期债券违约的渤钢铁、天房、天津物产等企业，他也介绍了相关的处置方式，并且表示将按照一企一策的方式，做大做强天津港集团、城投集团和泰达控股等优质企业。

German chamber to resume chartered flights to China

A flight carrying German business travelers from Frankfurt, jointly arranged by German Chamber of Commerce in China, German diplomatic missions, and Lufthansa airlines, landed in Tianjin in 2020

The German Chamber of Commerce in China is organizing charter flights to China, bringing in key personnel and their families as well as short-term experts over the summer, the chamber said on its WeChat account on Wednesday.

The chamber said that together with the German Embassy in China, it has been in talks with the Chinese Foreign Ministry about the resumption of a fast-track process for invitation letters, visa applications and charter flights. 

Starting from the third week of July until mid-September, the chamber is planning to resume China-bound charter flights between Frankfurt and Qingdao, East China's Shandong Province.

The service includes quarantine management and invitation letter assistance with the cost starting at 2,500 euros.

German nationals with a valid residence permit in China and their family members, as well as employees of German companies, their spouses and families, short-term experts and business travelers as well as foreign nationals coming to China for necessary economic, trade, scientific or technological activities, can apply for seats on the flights. 

World and Olympic champion Sun Yang gets shorter ban, but still out of Tokyo Olympics

World and Olympic champion Sun Yang's hopes of competing at the Tokyo Games ended on Tuesday when the Court of Arbitration for Sport (CAS) reduced the Chinese swimmer's ban for doping violations to four years from eight.

The shorter sentence, announced by the Swiss-based court in a statement, means Sun will be eligible for the Paris Games in 2024 when he will be 32 years old.

The 200 meters freestyle champion was banned after he and members of his entourage were found to have smashed vials containing blood samples taken at an out-of-competition test in September 2018.

A highly controversial figure in swimming but with plenty of supporters at home, Sun had questioned the credentials and identity of the testers and has constantly proclaimed his innocence.

The 29-year-old, who also won two golds at London 2012, had been boosted by the Swiss Federal Supreme Court last December upholding his challenge against the CAS panel on grounds that a judge had exhibited possible bias against Chinese people.

He will not be able to defend his 400m freestyle title in Tokyo, however, after failing to qualify for the event in the Australian trials. He has been included in the squad as a relay swimmer.

孙杨8年禁赛减为4年3个月，无缘东京奥运会！

昨晚，国际体育仲裁法庭宣布，中国游泳奥运冠军孙杨的8年禁赛减为4年3个月。禁赛期限从2020年2月28日开始计算。这意味着孙杨将无缘东京奥运会和2022年杭州亚运会。

去年12月22日，瑞士联邦最高法庭支持了孙杨的上诉请求，撤销了国际体育仲裁法庭（CAS）之前对其做出的禁赛八年的处罚，案件启动重审程序。

孙杨案在国际体育仲裁法庭上一次听证会的举行时间为2019年11月15日，那是一场公开形式的听证会，并且进行了约10个小时的全球直播。

今年4月，国际体育仲裁法庭宣布将就“诉孙杨和国际泳联案”举行二次听证，并组成了新的3人仲裁小组。通过5月25日、26日和27日连续3天的视频会议，控辩双方就各自立场进行了陈述。新的仲裁小组最终认定，孙杨在2018年9月的那次兴奋剂检测中违反了国际泳联的反兴奋剂规则，最终对孙杨禁赛4年零3个月。

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