1), September 25, 2020 the CCP controlled Securities Regulatory Commission announced that, from November 1, 2020, qualified foreign investors would be allowed to participate in trading Chinese futures, commodity futures, options, and other derivative investments, implying that the market urges for US dollars.
2), September 23, 2020 U.S. Senators Ron Johnson, chairman of the Senate Homeland Security and Governmental Affairs Committee, and Chuck Grassley, chairman of the Senate Finance Committee, released a report on the findings of their year-long investigation into questionable financial transactions between Hunter Biden, Joe Biden’s son, and his associates and others, during the Obama-Biden administration. The report makes clear that Hunter was profiting off his father’s position—in Ukraine, and notably in China.
3), Denmark’s AkademikerPension announced it is excluding all Chinese investments from its portfolio, dumping a total of DKK400m (€53.7m) of government bonds and shares, due to systematic human rights violations in the world’s most populous country.
4), September 23, 2020 the CCP announced a new directive on land transfer revenue, giving priority to rural revitalization by increasing the proportion of land transfer income to be used for agricultural and rural areas. Each provincial government can choose one of the following two ways to implement the new policy in terms of the proportion of the funds to be used in agricultural and rural areas: either to gradually accrue more than 50% of the annual profits, generated from the land transfer proceeds; or to gradually accrue more than 10% of the current year’s land transfer proceeds.
6), Mr. Teng Tai (滕泰), a Chinese economist, said on Friday, September 25, that the Chinese retail sales growth rate could be negative for the first time in 40 years. According to the data, although the total retail sales of consumer goods in August grew 0.5% in nominal terms, the actual growth rate was still negative after excluding the impact of prices. He also raised an interesting question: Why the retail sales growth rate cannot return to normal even though the pandemic has already been under control in China?
G-Translators / Financial and Law Team