Last Week in Brief: Wrap of China's Financial News in the Week Ending Oct. 13
Yicai Global
DATE:  Oct 14 2019
/ SOURCE:  yicai
Last Week in Brief: Wrap of China's Financial News in the Week Ending Oct. 13 Last Week in Brief: Wrap of China's Financial News in the Week Ending Oct. 13


(Yicai Global) Oct. 14 -- On Oct. 7, the Ministry of Commerce revealed that retail and catering companies across the country earned CNY1.5 trillion (USD212 billion) in revenue during the week-long National Day holiday, up 8.5 percent annually.

On Oct. 8, cities across China unveiled their pricing rules for loans based on the benchmark loan prime rate. Beijing priced its first-home mortgage rates 55 basis points above the benchmark while Guangzhou fixed them 54 bips above. Shanghai was the only city setting its first-time buyer loans below the LPR.

On Oct. 9, China settled its first personal bankruptcy filing. Courts ordered the debtor to pay just CNY32,000 (USD4,515), or 1.5 percent, of his company's CNY2.14 million (USD301,900) unpaid liabilities.

On Oct. 9, the State Council said China's central and local governments will maintain their 50-50 split of revenue accrued from value-added tax after finishing the two- to three-year transition period. Where governments previously had to pay 50 percent of VAT refunds, they now pay 15 percent up front and the remaining 35 percent based on the share of its entitlement to the previous year's VAT revenue.

On Oct. 11, Agricultural Bank of China's Shandong unit, ABC Financial Assets Investment, CICC Capital and the Kuwait Investment Authority injected CNY2.4 billion into the Jinan-Qingdao high-speed rail link in China. The track is the first to receive primary support from a regional government and the first to earn backing from a well-known overseas institution.

On Oct. 11, Apple's share price rose 2.66 percent to USD236.21 to give a total market cap of nearly USD1.1 trillion thanks to strong demand for the iPhone 11. The boost pushed it past Microsoft as the world's most valuable company by market cap.

China issued CNY4.2 trillion in local government bonds during the first nine months of this year, including CNY3 trillion in new bonds, according to the Ministry of Finance. Authorities have now used up over 99.4 percent of their allowance for this year.

On Oct. 12, the China Banking and Insurance Regulatory Commission put forward draft rules to standardize administrative punishments. These include warnings, fines, confiscation of illegal gains, business suspension orders, license revocations and banishments from the banking and insurance sectors.

The Shanghai Composite Index finished the week 2.36 percent higher at 2,973.66, while the Shenzhen Component Index ended up 2.33 percent at 9,666.58. The ChiNext Price Index, which tracks growth enterprises in Shenzhen, closed 2.41 percent higher at 1,668.83.

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Keywords:   Apple