Banking

PBOC asks banks to let foreign firms freely remit yuan profits, dividends

China will allow foreign investors to freely remit their yuan-denominated profits and dividends and pledged to remove all barriers in cross-border trade and investment, the central bank said on Friday.

The People's Bank of China said the use of renminbi for cross-border trade and investment will help create a sound business environment and support the country's Belt and Road Initiative.

ALIPAY CHANGING PAYMENT BEHAVIORS IN SHANGHAI

Buying Bus tickets via Alipay in Zhejiang Province China.

The latest figures from Alipay have found that 8/10 payments in Shanghai were conducted through users’ smartphones in the past year, People’s Daily reported on Jan 2.

People are using their smartphones for shopping and riding shared bikes. And searches for wallets on e-commerce platforms are declining for the first time, statistics show.

The Asian Development Bank (ADB) has approved a loan for $499 million to set up a regional emission-reduction and pollution-control facility as part of a support program to improve the air quality in the Beijing-Tianjin-Hebei region.

The facility will showcase how advanced technologies, including hydrogen-based low-emission transport and geothermal-based district heating, can be adopted on a large scale by major emitting industries and enterprises, according to the ADB.

China's central bank has issued rules on overseas investment in the mainland interbank bond market via the mainland-Hong Kong bond connect program.

Qualified overseas investors can buy bonds in the interbank bond market either with Chinese yuan or foreign currencies, according to the rules released by the People's Bank of China (PBOC), which took effect on Wednesday.

The overall risk of China's government debt is under control and the momentum of steady economic growth is being maintained, according to the country's top auditor.

The National Audit Office said in a news release that mechanisms such as quota management, budget management, risk disposal and regular supervision are being improved, and the momentum of government debt growth has been effectively controlled.

The Chinese government has always attached great importance to the management of government debt, and has established a standardized borrowing and financing system for local governments, the news release said.