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China to end government subsidies for onshore wind power generation projects by 2021, state planning agency says

China will end subsidies for new onshore wind power projects at the start of 2021, with renewable projects set to compete on an equal footing with coal- and gas-fired electricity, the country’s state planning agency said on Friday.The move is a milestone for the renewable energy sector, which has traditionally relied on subsidies and other preferential policies to encourage developers to build plants.China pays a relatively high tariff per kilowatt hour (kWh) of electricity produced by wind or… Source link

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Access to audit papers – state secrets – of mainland companies to help Hong Kong regulator’s investigations

Hong Kong’s accounting regulator will get access to audit papers of mainland companies, considered as “state secrets” in a landmark agreement, which will assist in nine ongoing investigations.Under the memorandum of understanding between the Financial Reporting Council (FRC), the regulator for auditors of listed companies in Hong Kong and a unit of China’s Ministry of Finance, the FRC can request the ministry to get access to the auditor’s papers in the mainland to help with its investigations… Source link

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China’s iceberg of hidden debt shows the biggest risks in provinces dominated by local authorities and state enterprises

In China’s financial system, the bigger the role of the state, the cheaper the funding costs. As a rule. But in one corner of the country’s US$13 trillion bond market, something different has happened.The highest yields in the 7.5 trillion yuan (US$1.1 trillion) worth of debt sold by local government financing vehicles (LGFVs) are found on the securities sold in provinces where the public sector dominates the economy.That analysis, conducted by Bloomberg on data as of April, showcases both the… Source link

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Vietnam 

State capital divestment faces pressure – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    A production line of the Sài Gòn Beer, Alcohol and Beverage Corporation ( Sabeco). State divestment of Sabeco helped the State collect about US$5 billion. — Photo sabeco.com.vn   HÀ NỘI — Capital divestment from State-owned enterprises had slowed and was still facing difficulties, said Đặng Quyết Tiến, director of Corporate Finance Department under the Ministry of Finance.   The process needed to be sped up and avoid corruption that led to loss of state capital, he said. According to the target set by Prime Minister Nguyễn Xuân Phúc,…

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China declaring AI ambitions wasn’t ‘wisest decision’ as it alarmed the US, former secretary of state John Kerry says

China tipped its hand when it declared that it would seek global leadership in artificial intelligence, a move that alarmed the US and the rest of the world, according to former US secretary of state John Kerry.When Google’s AI computer program AlphaGo beat Chinese Go master Ke Jie in May 2017, that spurred China to seek dominance in the AI industry, Kerry said at the VivaTech conference in Paris on Thursday.“That lit a fire under China, it was a Sputnik moment, and President Xi announced not… Source link

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China 

Chinese bank employee convicted of ‘leaking state secrets’ after sharing policy draft on WeChat

China has convicted a local bank employee of “leaking state secrets” after she shared a draft of a top secret financial policy document with people outside the government, according to a recently released verdict.The draft was widely circulated on social media and later reported by Bloomberg and “had a disastrous impact on China’s financial regulation,” the court’s written ruling said.The document, drafted by the central bank and titled “Guidance on Regulating the Asset Management Business of… Source link

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Vietnam 

HCM City to develop resettlement housing without state funds – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

HCM City will develop housing for resettled residents instead of building new housing with state funds. — VNS Photo Ngọc Diệp HCM CITY — HCM City plans to develop social housing on its own instead of building new resettlement housing with state funds, according to the city’s People’s Committee. Resettlement housing is used for residents who must move to make way for urban embellishment projects. Between now and 2025, the city’s district People’s Committees will be authorised to use 9,435 state-owned housing and 2,488 land lots for resettlement. Priority for…

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Vietnam 

State budget revenue in January to April period up 13.9 per cent – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  January – April budget revenue was up nearly 14 per cent, running a surplus. — Photo vneconomy.vn HÀ NỘI – State budget revenue in the January-April period was estimated at VNĐ517.8 trillion (US$22 billion), equivalent to 36.7 per cent of the Government’s planned figure for the year and up 13.9 per cent over the same period last year, according to the latest report from the Ministry of Finance. Domestic revenue totalled VNĐ424.96 trillion, or 36.2 per cent of the year’s plan. Revenue from crude oil was estimated at VNĐ18.3 trillion, a…

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Singapore 

Fake news law covers closed platforms like chat groups and social media groups, says Senior Minister of State for Law, Singapore News

A proposed law to fight fake news will also cover closed communications platforms – such as chat groups and social media groups – and even those with end-to-end encryption that only allows senders and recipients to read the messages being exchanged. Senior Minister of State for Law Edwin Tong said in Parliament on Tuesday (May 7) during the debate on the Protection from Online Falsehoods and Manipulation Bill that closed platforms, the likes of chat groups and social media groups, serve as “a public megaphone” as much as open ones.…

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Vietnam 

Ministries urged to allow use of State budget for banks’ capital hikes – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    VietinBank is under great pressure to hike capital to satisfy Basel II standards. – Photo VietinBank     HÀ NỘI – The State Bank of Việt Nam (SBV) has continued to urge relevant ministries to revise legal frameworks in order to allow large State-owned commercial banks to use the State budget for their capital increases. Under a report sent to the National Assembly late last month, the central bank proposed the Ministry of Finance, in conjunction with the Ministry of Planning and Investment, study and revise Decree No. 32/2018 NĐ-CP…

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