Local governments to run more asset management companies

(MENAFN- Asia Times) Local governments will be allowed to open more asset management companies, according to a Caixin report on October 23 citing the China Banking Regulatory Commission. The regulator has also given approval for the local managers to sell non-performing assets to other institutions at a discount so the assets can be restructured. Previous rules introduced in 2013 allowed local governments to run only one asset management company and banned transfer of non-performing assets to other institutions.
银监会松绑地方AMC不良转让 每省可设两家

Banks banned from using wealth funds for property investment

Commercial banks will be banned from using wealth-management funds for speculation in the real estate market, said Shang Fulin, the chief of the China Bank Regulatory Commission, in a briefing on October 21, reported Southern Metropolis Daily on October 23. An estimated 550 billion yuan in wealth management funds went to the property sector in the first half of 2016, according to a report by China Central Depository & Clearing Co.
银行理财资金禁违规入楼市

Ministry to spend 2 billion yuan on medical, health innovations

A total of 2 billion yuan will be invested in innovations in health and sanitation sectors, according to a document released by the Health Ministry, the Technology Ministry and the Food and Drug Administration on October 14, reported Shanghai Securities Journal on October 23. The fund will expand research and development in the medical and health sectors over the next three years, said Cao Xuetao, the director of the Chinese Academy of Medical Science, at the World Robot Conference in Beijing on October 22.
我国拟投资20亿元实施医学与健康科技创新工程

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