The Sunday Mail
Manyika Kangai
China’s central bank pledges more support
China’s central bank, the People’s Bank of China (PBOC), released its latest monetary policy report for the third quarter on Monday and pledged to continue to enhance financial support for private enterprises and work to lower their comprehensive financing costs. The report said that positive results have been achieved through measures such as encouraging commercial banks to issue special financial bonds for micro and small firms, and supporting the financing of private micro, small and medium-sized enterprises in the supply chain. By the end of September, China’s inclusive loan support facility had provided incentive funds of 52,6 billion yuan (about US$7,4 billion) for micro and small companies, up 25,1 billion yuan (about US$3,53 billion) from the beginning of the year.
China’s civil servant exam
More than 2,25 million people sat China’s annual civil service recruitment examination to compete for vacancies with the central authorities and their branches, according to the National Civil Service Administration. The administration said this year’s exam attracted over 2,61 million applicants, and approximately one in 57 examinees could eventually be recruited. The written exam was held simultaneously in 237 cities nationwide. China plans to recruit 39 600 civil servants to work for central agencies and institutions directly attached to them in the 2024 civil servant recruitment.
Jack Ma starts new company
Jack Ma, the founder of Chinese e-commerce leader Alibaba Group Holding, has reportedly registered a new company that sells pre-packaged food. Ma registered the company in China, whose name translates to “Hangzhou Ma’s Kitchen Food”, with an initial capital of 10 million yuan (about US$1,39 million), according to the National Enterprise Credit Information Publicity System, an official business registry information platform. The main business involves pre-cooked meals, which have enjoyed growing demand in China due to the stay-at-home effect of the pandemic. Ma stepped down from Alibaba’s board in 2020, departing from day-to-day management. However, he is still listed as an Alibaba “partner” who retains a great deal of influence over the group, and he made a random appearance on an employee forum this week rallying employees.
China approves consumption related REITs
China’s top securities regulator, the China Securities Regulatory Commission (CSRC) has approved three applications for the country’s first publicly traded consumption-related Real Estate Investment Trusts (REITs). Two of the three REITs applications were submitted by China Asset Management, and the other one was submitted by the CICC Fund. In March this year, the CSRC unveiled new measures to support the issuance of REIT products, saying that China will develop REITs for consumption infrastructure that can create improved conditions and scenarios for consumers. The REITs products are financial tools to pool capital for developing real estate projects. China kicked off a public REITs pilot program in infrastructure in 2020.
Saudi ETF debuts in Hong Kong
Asia’s very first Exchange-Traded Fund (ETF) tracking shares listed in Saudi Arabia debuted in Hong Kong on Wednesday. The ETF allows investors in Hong Kong to trade Saudi stocks including the oil giant Saudi Aramco either in Hong Kong dollars or Chinese yuan. It is managed by Hong Kong-based CSOP Asset Management and includes Saudi sovereign wealth fund, Public Investment Fund (PIF), as an anchor investor. The Hong Kong Monetary Authority and the Saudi Central Bank have signed a Memorandum of Understanding (MoU) to promote joint deliberations in financial innovation, while the Hong Kong Exchanges and Clearing Limited (HKEX) added the Saudi Exchange in September as a recognised stock exchange, allowing companies with a primary listing on the Saudi Exchange’s main market to apply for a secondary listing in Hong Kong.
*Manyika Kangai has over 17 years of experience facilitating and advising on China-Africa trade and investment deals. He is dedicated to helping African businesses and governments realise the full potential of the vast opportunities China presents
