Only one out of the nine peer-to-peer lending companies in China might be able to survive as top financial regulators are stepping up the pace of scrutiny to curb risks caused by the massive unregulated sprawl in the past few years.
Xiamen Meiya Pico Information Co Ltd, China's largest provider of digital forensics, is set to beef up its presence in the information security sector by exploiting opportunities brought by the country's reform and opening-up.
Xiamen Airlines will enhance air links with economies participating in the China-led Belt and Road Initiative and turn Fujian province into a strategic point on the 21st Century Maritime Silk Road, which is part of the initiative, its chairman said.
Xiamen International Trade Group started with seven people in 1980. Gao Shaoyong, president of ITG, said: "We had just a couple of chairs, two bicycles and a rented office."
China's sovereign wealth fund announced on Monday it posted a net profit of $103.62 billion as of Dec 31, 2017, up by 37.55 percent year-on-year.
Trade experts urged China to further diversify market channels in other parts of the world, in particular the European Union, Japan, Canada, India and Russia which are currently hurt by the United States' aggressive trade policies, in order to retain robust growth.
The key to China's survival in the potentially protracted trade war with the United States lies in the deepening of reforms while ensuring its core industries are of a world-leading standard, trade and law experts said on Monday.
"Open and fair trade is fundamental to the success of Rio Tinto, as almost 90 percent of our products need to move from one country to another. Thanks to an increasingly integrated global economy, enormous benefits have accrued in terms of economic growth, better jobs, cheaper products and more dynamic societies. Most of the lessons through history show that wealth comes from cooperation not isolation. We all go backward when we close ourselves off from one another. We should not forget the lessons from the past, and we believe common sense will prevail in the end."
A prudent and neutral monetary policy would not only stabilize China's short-term economic growth, but also assist the long-term transformation toward high-quality development, a central bank advisor told China Daily.
China will improve the management of State-owned financial institutions in key sectors to bolster financial security, widen mixed-ownership and financial opening-up reforms to vitalize the market, said a guideline released by the central authorities.
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Raymond Zhou
Op Rana
Berlin Fang
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Huang Xiangyang
Chen Weihua
