Securities firms pocket more profits

CHINA’S 140 securities brokers saw their net profits expand 11.9 percent in 2021 from the previous year to 191.1 billion yuan (US$30.33 billion), according to the Securities Association of China.

The firms reported 502.41 billion yuan in operating revenue last year. The total assets of the securities brokers reached 10.59 trillion yuan at the end of 2021, up 19.07 percent year on year, while their net assets stood at 2.57 trillion yuan, up 11.34 percent year on year. The sector’s risk control is solid, with the net capital of the securities firms totaling 2 trillion yuan, according to the association.

Bond Connect market sees active trading

THE Bond Connect program continued to see vibrant activity in February, data released by Bond Connect Co. showed.

The monthly trading volume under the program reached 540.1 billion yuan, with the average daily turnover at 33.8 billion yuan. The program saw a total of 6,282 trade tickets last month, the data showed. Chinese government bonds and policy financial bonds were investors’ major focus, accounting for 50 percent and 38 percent of monthly trading volume, respectively.

Govt. conducts more tax, fee cuts for small firms

THE government has reduced or waived six local taxes and two fees for small and micro businesses, the Ministry of Finance said Friday.

The tax and fee cuts came into play from Jan. 1, 2022, and will be effective until Dec. 31, 2024, according to a circular jointly issued by the ministry and the State Taxation Administration. The tax and fee cut is also available for those who have already benefited from other relevant preferential policies, according to the circular.

Canon vows more investment in China

CANON Inc. said its Zhuhai plant in Guangdong will be officially shut down by the end of June, but the Japanese tech giant will not exit the Chinese market.

Howard Ozawa, president and chief executive officer of Canon China, said the closure of its production lines in Zhuhai, which mainly produces compact digital cameras or nonreplaceable lens cameras, does not mean Canon will exit the Chinese market. Instead, it will continue to increase its investment in China, especially in sectors including medical equipment, semiconductors, commercial printing, security surveillance and other emerging segments.