China's local governments have issued around 3.49 trillion yuan (US$496.5 billion) worth of bonds in the first half of this year, and the number for June stands at 286.7 billion yuan.
The research arm of the People's Bank of China has decided to collaborate with the country's leading mobile transportation platform, Didi, regarding pilot programmes in utilizing the central bank digital currency (CBDC).
Funds raised at China's National Equities Exchange and Quotations (NEEQ) have seen an increased by 17.43% in the first half of this year compared to the previous six-month period as it undergoes market-oriented reform. Companies listed on the NEEQ raised 10.63 billion yuan (US$1.5 billion) in the first six months.
Chinese economist predicts that the country's GDP will begin to expand in Q2 and rise by more than 6% in both Q3 and Q4.
As of the end of June, the total amount of renminbi bonds held by overseas institutions registered under the depository of the China Securities Depository and Clearing Corporation (CCDC) surged 33.48% y-o-y to about 2.2 trillion yuan (US$311.6 billion).
Private funds in China has reached 14.08 trillion yuan (US$1.99 trillion) by the end of 2019, recording a y-o-y increase of 10.87%, according to the Asset Management Association of China (AMAC).
The Hong Kong Monetary Authority (HKMA), the People’s Bank of China (PBoC), and the Monetary Authority of Macao (AMCM) have jointly announced the launch of a cross-boundary wealth management connect pilot scheme (Wealth Management Connect) in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).
China central and local regulators are planning to roll out a series of new projects in sectors such as new infrastructure, new urbanization, as well as large scale construction projects in transportation and water conservancy, to encourage quality investment amid the Covid-19.
China's Ministry of Finance has approved Hainan Province to increase the annual tax-free shopping quota for each traveller to 100,000 yuan (US$ 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.