IN BRIEF (Page 24)

Central bank drains 10b yuan from market

China's central bank drained 10 billion yuan ($1.45 billion; 1.36 billion euros; 1.15 billion) from the market on Nov 29. This marks the fourth consecutive day that the People's Bank of China has done so. The bank took out 90 billion yuan in seven-day reverse repos, 70 billion yuan in 14-day reverse repos and 30 billion yuan in 28-day reverse repos.

More private-sector investment allowed

China will allow more investment from private and non-government companies to improve consumer goods, boost supply and make the tertiary sector a new growth driver, an official with the nation's top economic planner on Nov 29. "With its huge consumption potential, China needs to improve institutional mechanisms and the market environment to increase social capital in upgrading consumer goods and increasing supply," Zhao Lidong, an official with the National Development and Reform Commission, said at a news conference.

Pension fund appoints custodian banks

China's national council for its social security fund has selected four banks to be custodians for its basic pension insurance fund, it said in an online statement on Nov 29. The four banks are Industrial and Commercial Bank of China, Bank of China, Bank of Communications and China Merchants Bank, according to the statement, which did not provide further details.

iQiyi signs film deal with Lionsgate

Los Angeles-based Lionsgate and China's iQiyi announced on Nov 29 a long-term deal under which the Chinese company will have exclusive rights to stream select Lionsgate titles on its platform in China. iQiyi is one of the mainland's biggest online video platforms. The agreement will make Lionsgate films available to more than 500 million users, a joint statement said. The two companies did not say how much their deal was worth. iQiyi served as Lionsgate's promotional partner earlier this year on the film Now You See Me 2, which the statement called the highest-grossing Lionsgate film ever released in China.

Guideline for property rights protection issued

China released a guideline on better protection of property rights, in an effort to shore up social confidence and promote social justice. The country will provide equal, comprehensive and law-based protection to all kinds of property rights and encourage the participation of the public in the process, according to the guideline issued on Nov 27 by the Central Committee of the Communist Party of China and the State Council.

Regulator warns on insurer credit assets

The insurance regulator said on Nov 28 that risks are rising for insurers' credit assets, according to a post on the official website of the China Insurance Regulatory Commission. The regulator has adopted a slew of measures this year to reduce risks for insurers, from reining in aggressive acquisitions to investing in long-term assets using short-term funds. Chen Wenhui, vice-chairman of the CIRC, said 80 percent of insurance assets are invested in credit-related assets, and credit risks are rising even as insurance firms chase higher yields.

Chinese e-commerce sellers lure Europeans

European consumers, including those from France, Italy and Spain, are buying more goods from China's cross-border e-commerce retailers. In a report released on Nov 27, eBay Inc revealed that its Chinese sellers saw average annual sales growth of 300 percent in France, Italy and Spain during the past three years.

Alibaba gains stake in movie investment firm

Alibaba Pictures Group will take a strategic stake in film investment company Hehe Pictures. The value of the transaction was not disclosed, though Alibaba said that it will own a 30 percent stake and will be Hehe's second-largest shareholder, behind its founder and general manager, Yang Wei. Hehe Pictures, which also has such shareholders as actor Chen Kun, singer Yand Kun, and director Cao Baoping, has invested in movies including The Mermaid, Chongqing Hot Pot, Skiptrace and Cock and Bull, which have grossed 4.8 billion yuan ($695 million; 655.7 billion euros; £555.2 billion) at the box office.

(China Daily Africa Weekly 12/02/2016 page24)