The Hong Kong Monetary Authority (HKMA), the People’s Bank of China (PBoC), and the Monetary Authority of Macao (AMCM) have jointly announced the launch of a cross-boundary wealth management connect pilot scheme (Wealth Management Connect) in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).
China central and local regulators are planning to roll out a series of new projects in sectors such as new infrastructure, new urbanization, as well as large scale construction projects in transportation and water conservancy, to encourage quality investment amid the Covid-19.
China's Ministry of Finance has approved Hainan Province to increase the annual tax-free shopping quota for each traveller to 100,000 yuan (US$ 14,000) from the previous 30,000 yuan, in a bid to support the tourism sector which has been severely impacted by the Covid-19.
With new guidelines rolling out, cities in the Greater Bay Area are encouraged to collaborate in sectors such as infrastructure, shipping, ports operation, and service.
Chinese online payment clearinghouse NetsUnion Clearing Corporation reported a y-o-y increase of 50.15% in terms of the number of online transactions during the three-day Dragon Boat Festival holiday, hitting 4.2 billion yuan (US$593 million).
Banks are required by Chinese regulators to increase the middle and long-term loans issued to enterprises in sectors such as advanced manufacturing and emerging industries.
ChiNext, the NASDAQ-style subsidiary of the Shenzhen Stock Exchange has received 33 listing application under the pilot program of its reformed registration system.
In order to support the foreign trade enterprises in China amid the Covid-19, the export products are supported to seek domestic sales, leveraging channels such as live streaming platforms, according to a guideline released by the country's State Council.
The committee that manages the listing standards on the ChiNext, the NASDAQ-style subsidiary of the Shenzhen Stock Exchange has launched recently.
China expects to see more semiconductor enterprise to list on the Sci-Tech innovation board (STAR Market) in Shanghai, according to the deputy chairman of China Securities Regulatory Commission.
China's manufacturing sector saw a 10.1% surge in new loans in the first five months of this year, reaching 1.4 trillion yuan (US$197 billion), as the country strengthened financial support amid the Covid-19.
The Covid-19 are driving fund managers to capture the opportunities raising along with the growing online streaming sales industry and sell and promote the products through online channels.