China will hasten the opening up of its capital markets and deepen reforms to attract more foreign investors, the Securities Regulatory Commission vice chairman Fang Xinghai said.
The regulator will expand the scope of investment allowed in the stock-connect programme link with Hong Kong and allow foreign investors to trade more commodity futures, he said at a financial forum on Sunday in Beijing as part of the China International Fair for Trade in Services.
Officials plan to announce revised rules on qualified foreign institutional investors as soon as possible to increase their “willingness and confidence” to invest in the country, he said.
Foreigners currently hold only 4.7 per cent of Chinese stocks in circulation, way below markets such as Japan and South Korea, where they hold more than 30 per cent.
“There remains a huge potential” to usher in foreign capital, Mr Fang said.
China will also open its financial markets this year to allow Wall Street companies such as Goldman Sachs to take full ownership of ventures in the country, counting on them to provide fresh investment and foster a more competitive local industry.
The move comes against a backdrop of rising tension with the US over issues that include trade and Hong Kong. Weighed down by the virus outbreak, China’s economy is poised for its slowest expansion this year in four decades.
The participation of foreign investors has helped make the Chinese stock market “more rational” and valuations “more reasonable”, Mr Fang said.
The long bear market sessions and short bull runs that have long plagued China are “disappearing”, he said.
China last year removed the ceiling on quotas for foreign investors to buy stocks and bonds, after also easing rules in 2018. The country is pushing to increase use of the yuan in international transactions, while also attracting more foreign capital.
Yuan-denominated financial assets have grown in appeal to international investors as more central banks use the Chinese currency in their foreign reserves, Chen Yulu, deputy governor at the People’s Bank of China, said at the forum.
Foreigners’ holdings of such domestic assets rose by 37 per cent from a year earlier to 7.7 trillion yuan (Dh4.1tn/$1.1tn) as of July 31, he said.
The yuan can assume “greater international responsibilities” in the future as China’s opening up deepens, he said.
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MATCH INFO
South Africa 66 (Tries: De Allende, Nkosi, Reinach (3), Gelant, Steyn, Brits, Willemse; Cons: Jantjies 8)
Canada 7 (Tries: Heaton; Cons: Nelson)
Company profile
Name: Infinite8
Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Company%20Profile
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Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The view from The National
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.
On day three of the process, 14 embryos were biopsied for gender selection.
The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.
Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.
The specs: 2018 Range Rover Velar R-Dynamic HSE
Price, base / as tested: Dh263,235 / Dh420,000
Engine: 3.0-litre supercharged V6
Power 375hp @ 6,500rpm
Torque: 450Nm @ 3,500rpm
Transmission: Eight-speed automatic
Fuel consumption, combined: 9.4L / 100kms
KILLING OF QASSEM SULEIMANI
