Ready to Resume Work

Ready to Resume Work

Sanlian Life Week

Issue 9， 2020

The worst days of the novel coronavirus epidemic in China are drawing to an end as the Chinese health authorities announced on March 12 that the peak of the outbreak was over.

As the curbs put in place to combat the epidemic have succeeded on that front， another battlefield， a pausing economy， remains to be fully restarted. A host of industries， handicapped by large-scale quarantine of personnel and logistical disruption due to the epidemic， are dealing with the issue of deceleration or even standstill. As the normal production has yet to be restored， the impact of the epidemic on the economy will soon spread from particular sectors including tourism and catering to every other industry. At that time， the entire nation， enterprises， and individuals will feel the pain brought by an economic slowdown.

On the one hand， it is necessary to restrict the movement of the people to tame the epidemic and guard against a rebound. On the other hand， those coming back home during the Spring Festival holiday need to return to their jobs as soon as possible to invigorate the economy. The two goals seem to be naturally at odds with one another. It is imperative to strike a balance between the two contradictory targets.

In fact， resuming work and production has already been placed on the agenda days ago when China was gripped by the tense epidemic situation. At a meeting in early February， the Central Committee of the Communist Party of China demanded support to the resumption of business and production on the premise that the epidemic prevention and control measures be in good place. As the epidemic is curbed， more focuse is being shifted to the resumption of work and production.

Springtime for Refinancing

Securities Market

Issue 7， 2020

The spring of 2020 brings good news for Chinese listed companies as they get policy support to refinance.

On February 14， the China Securities Regulatory Commission （CSRC） rolled out a raft of regulations， relaxing restrictions on the refinancing of listed companies. Released last November to solicit public opinions， the regulations marked a solid step forward in advancing the reform toward the registration-based system across the whole securities market.

The new regulations on refinancing mainly include relaxing restrictions on stock issuance and loosening the non-public offering system so as to give more space to listed companies. This is an important reform approach employed by CSRC to deepen the supply-side structural reform in the financial sector and enhance the ability of financial services to serve the real economy.

The introduction of the new refinancing regulations is conducive to the transition of market-oriented running of Chinas A-shares. Unclogging the link between securities market and real economy， the regulations will facilitate the refinancing of businesses to help them grow in a sustainable manner.

Macao： Moving Toward an International Financial Hub

New Fortune

Issue 2， 2020

In the pursuit of a moderately diversified economy， Macao has made the financial industry a focus of efforts. In this regard， ChongWa（Macao） Financial Asset Exchange Co.， Ltd.， or MOX， the first financial institute in the Special Administration Region （SAR） that offers bond registration， trustee services， transaction， and settlement， plays a key role. As a new platform for financial transactions competing with the Hong Kong Stock Exchange and Shenzhen Stock Exchange in the Guangdong-Hong Kong-Macao Greater Bay Area， MOX is expected to push Macao to emerge as a new Asian hub of bond trading in the near future.

Macao， closely connected with the Portuguese-speaking business circle with the latters GDP topping US$2.4 trillion and trade volume with China reaching US $100 billion， hold great responsibilities in implementing Chinas Belt and Road Initiative. The market and financial resources behind the SAR is stunning.

Behind the development of Macaos financial industry is the intention of the Macao SAR Government to transform the industrial pattern centered around casino and hospitality sectors. Based on its resource endowment and industrial foundation， Macao also has promising market segments including finance leasing， wealth management， and RMB settlement business.

Macao is expected to become a new international financial hub in China， and inject vitalities into the economic growth of the GuangdongHong Kong-Macao Greater Bay Area and national innovation.

Building a Well-off Society in All Respects

Insight China

Issue 7， 2020

A comparison of the reports on the work of provincial-level governments in 2019 and 2020 reveals that the top 10 most frequently mentioned words are basically the same. Last year， the top 10 words in the 31 reports were development， construction， promotion， industry， enterprise， reform， acceleration， economy， service， and implementation in a sequential order.

This year， on the list were construction， development， promotion， industry， acceleration， enterprise， reform， implementation， service， and economy based on 28 reports currently available. Both last year and this year， construction， development， and promotion are the most frequently mentioned words.

A look at this years 28 reports shows the universal emphasis on the idea of accelerating reform in clinching a decisive victory in building a moderately prosperous society in all respects by accelerating reform process， promoting services for businesses， boosting the economy， and promoting various industries. It demonstrates that the central tasks of local governments are quite focused.

To meet the goal of completing the building of a moderately prosperous society in all respects， local governments are making concerted efforts to win the fight against poverty with targeted measures. The year 2020 will be a landmark in the journey to achieve the first centenary goal pledged by the CPC.