Fintech rules THE central bank said Saturday it will gradually set up a system of rules to regulate the fintech sector, and will fully utilize the technology to optimize the flow of credit and reduce financing costs for businesses. The People’s Bank of China, in a statement on its website, also said it would enhance the application of new technologies in regulation, and improve the ability to prevent risks. FDI up 5.5 percent FOREIGN direct investment (FDI) into China rose 5.5 percent in the January-February period to 147.11 billion yuan (US$21.89 billion) compared with a year earlier, the Ministry of Commerce said Friday. In February, FDI into China grew 6.6 percent year on year to 62.94 billion yuan, said the commerce ministry, down from January’s 84.18 billion yuan. FDI into China from the United States rose 44.3 percent in the first two months of 2019, the ministry said. American pork CHINA, the world’s largest consumer of pork, made its biggest purchase of the meat from the U.S. in nearly two years as African swine fever reduces hog herds and drives up prices. The Asian country bought 23,800 tons in the week ending March 7, the largest sale since late April 2017 and the third biggest in data going back to 2013, the U.S. Department of Agriculture reported Friday. China is also buying pork domestically to boost state reserves. The country began to purchase another 50,000 tons Friday after a first round of buying a week ago that helped drive up local prices, according to industry website www.boyar.cn, which cited an official document. The nation bought 10,000 tons March 8. |