10/27/2021 Financial News in China: Transport Companies And Truck Drivers Under Pressure With Rising Fuel Prices; Real Estate Agents No Longer Rank In The Top Ten Labor Shortage

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1.Pension Payment Increases In 16 Provinces With No More Than 100 Yuan Per Month

The reporter learned from the Ministry of Human Resources and Social Security on the 27th, so far this year, 16 provinces have raised the provincial basic pension for urban and rural residents, benefiting Shanghai, Beijing, Tibet, Zhejiang, Jiangsu, Guangxi, Inner Mongolia, Ningxia, Xinjiang (including the Xinjiang Production and Construction Corps), Jiangxi, Gansu, Jilin, Shandong, Hubei, Anhui, Hainan and other places of 72.09 million urban and rural elderly, with the highest monthly rise of 100 yuan .

2.Wuhan Was Approved to Set Up the First National Science and Technology Insurance Innovation Demonstration Zone

The first national science and technology insurance innovation demonstration zone in China was recently approved for construction in Wuhan, Hubei Province. The Implementation Plan for the Construction of the East Lake Science and Technology Insurance Innovation Demonstration Zone (hereinafter referred to as the “Plan”) issued by the Wuhan Municipal Government. According to the Program, by 2025, the Demonstration Zone will be built into a cluster of science and technology insurance institutions, a pilot zone for science and technology insurance innovation, a pioneer zone for science and technology insurance regulatory innovation and a benchmark zone for science and technology insurance ecological construction, including cultivating and introducing more than 20 relevant insurance technology and research institutions, etc.; improving the awareness of insurance and risk management of science and technology-based enterprises in the zone, with the number of insured enterprises exceeding 5,000; comprehensively improving the penetration and protection rate of insurance for science and technology innovation and economic development in the Demonstration Zone, providing risk protection of more than 1 trillion yuan; and introducing insurance funds of more than 100 billion yuan.

3.NDRC: the Establishment of Power Grid Enterprise Agent Power Purchase Mechanism

National Development and Reform Commission recently issued a “notice on matters related to the organization of power grid enterprise agent power purchase” (hereinafter referred to as “notice”). The “notice” put forward, the establishment of power grid enterprise agency power purchase mechanism and from the establishment of a sound power grid enterprise market-based power purchase, clear agency power purchase user tariff formation and other aspects of the standardization of power grid enterprise agency power purchase way process.

The notice specifies the scope of the agent power purchase users, that is, after the abolition of commercial and industrial catalog sales tariff, 10 kV and above users in principle to participate directly in the market transactions (directly to the power generation enterprises or power sales companies to purchase electricity, the same below), temporarily can not directly participate in the market transactions by the power grid enterprise agent power purchase; encourage other commercial and industrial users to participate directly in the market transactions, not directly involved in the market transactions by the power grid enterprise agent Purchase of electricity.

4.Shandong LNG Sales Price Marketization

Shandong Province has marketized the sales price of liquefied natural gas (LNG) in cities and towns, which is the first of its kind in China. The Shandong Provincial Development and Reform Commission issued a notice on the official website on October 22 on the Marketization of LNG sales price (hereinafter referred to as “Notice”), which clearly marketizes the LNG sales price of urban gas (hereinafter referred to as urban fuel) enterprises, including specifically the LNG purchased outside the contract by urban fuel enterprises, and the specific sales price will be implemented as “purchase price + gas distribution price” sales, with high in The specific selling price will be “purchase price + gas distribution price”, with high in and high out and low in and low out.

5.Transport Companies, Truck Drivers Under Pressure With Rising Fuel Prices

Recently, some areas of the domestic gas station are in diesel shortage because of the “wholesale and retail inversion” phenomenon, which means the wholesale price is higher than the retail price. The gas station has long queues of trucks. Securities Times reporter recently visited a number of gas stations, interviewed a number of private gas station owners, transport associations, truck drivers and so on. Due to the long queues still encounter restrictions or cannot fill the oil situation, some drivers have been afraid to run long-distance single. In addition, the phenomenon of batch-zero inversion has also led to a strong sentiment of shyness in some gas stations.

6.China’s IC Co-insurance Body Was Established Today in the New Lingang Area

According to the Securities Times, on October 27, China IC co-insurance body (referred to as Collective Insurance Community) was formally established in the new zone of Lingang. It is a cooperative organization formed by property insurance companies in China under the principle of risk sharing and win-win cooperation, and does not have independent legal personality.

Through product innovation, mechanism innovation, and service innovation, the community provides high-quality, differentiated, and whole-process IC industry risk solutions to help build China’s IC industry innovation ecosystem, maintain the stability of the IC industry chain and supply chain, and solve the core technology “neck” and other key links. The company will continue to expand the breadth and depth of insurance coverage for IC business, production and technology through product innovation, mechanism innovation and service innovation, providing high-quality, differentiated, whole-process IC industry risk solutions to help build China’s independent, safe and controlled IC industry chain and supply chain.

7.Real Estate Agents No Longer Rank In The Top Ten Labor Shortage

On October 27, the Ministry of Human Resources and Social Security released the ranking of the 100 occupations with the greatest shortage of jobs in the third quarter of 2021. The “top ten” occupations are marketers, restaurant waiters, merchandise salesmen, security guards, couriers, domestic helpers, housekeepers, marketing professionals, welders, customer service administrators. In addition, the ranking of the “top ten” occupations remained basically stable, with “welder” and “customer service administrator” entering the top ten this period, and “real estate agent ” “Instrument manufacturer” dropped out of the top ten.

8.CBRC Releases Measures on Reserve Management for Non-Life Insurance Business, Completing the Shortcomings of the Regulatory System

The CBIRC website announced on October 27 that the CBIRC has recently issued the newly revised “Measures for the Management of Non-Life Insurance Reserves of Insurance Companies” (hereinafter referred to as the “Measures”). The release of the Measures will help further improve the regulatory system of non-life insurance business reserves, enhance the scientific and effective regulation of non-life insurance reserves, and improve the level of reserve management of insurance companies.

【G Translators- Financial Team】
Author: 和理非

Disclaimer: This article only represents the author’s view. Gnews is not responsible for any legal risks.

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