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Morning Wrap: Top Stories in the Chinese Press - July 16

July 16, 2013
Translated by Tian Shaohui and Pang Lei

Keep readiing below for a translated digests of some of the other stories being reported by mainland Chinese media outlets today.

China Raises Target For Solar Power Capacity
Beijing News
The State Council officially approved a plan to once again lift the target for how much installed solar power capacity China will have by the end of 2015. The State Council also announced a series of policies aimed at supporting and promoting the development of the domestic PV industry, including subsidies and tax breaks.  China now plans to have 35 gigawatts (GW) of installed photovoltaic (PV) capacity by the end of 2015, a 70 percent increase on the earlier announced target of 21 GW. The EO reported back in February that China planned to lift the solar power capacity target to 35 GW. The target for the amount  of solar capacity to be installed by 2015 has now been adjusted four times since it was originally set at 5 GW in 2011. Installed solar power capacity at the end of 2010 was less than 1 GW.
Original article: [Chinese]

Falling Coal Prices Lead to Calls for Electricity Price Reduction
Securities Daily
As the pace of economic expansion in China continues to slow, a fall in demand for thermal coal, which is used to fuel power plants, is putting downward pressure on the price of the commodity. Cheaper imported coal is also a factor in driving domestic coal prices lower. The price of thermal coal with a heating value of 5,500 kilocalories per kilogram at China's northern port has now fallen to 580 yuan per ton at the Northern port, 50 yuan less than at the start of this year and 40 yuan less than the lowest price in 2012. There are now calls for the NDRC to lower electricity prices in keeping with a NDRC directive which was introduced at the end of 2012, which stated that electricity prices should be adjusted if the annual shift in coal prices exceeds a 5 percent band.
Original article: [Chinese]

Re-education Through Labor Halted in Many Cities
Beijing News
Approval for new re-education through labor camps and personnel have been halted in many cities around China, according to various public securities authorities. The existing re-education camps will gradually be turned into compulsory drug rehabilitation (强制戒毒) centers.
Original article: [Chinese]

Some Steel Firms Report Profits in First Half
Beijing News
The half-yearly reports of seventeen of the thirty-four Chinese steel companies listed on the domestic stock market, reveals that the business conditions of nearly 10 firms began to improve over the past 6 months. Anshan Iron and Steel Group Corporation (鞍钢集团) led the pack, registering profits of over 700 million yuan in the first half of the year. A fall in the prices of raw materials has helped contribute to the improving situation. From January to May, sales revenue of medium and large sized steel enterprises nationwide reach 1.49 trillion yuan, a 0.74 percent increase year-on-year and realised profits were up 34 percent year-on-year to 2.8 billion yuan, according to China Steel Association
Original article:

State Council Calls for Financial Support for Small Business
China Securities Journal
The central government vowed on Monday to improve financial support to small businesses. At a video conference held by the State Council, Vice-Premier Ma Kai (马凯) said that the threshold at which small companies could raise funds directly on the capital markets will be lowered "to some extent" and refinancing of listed small companies should start soon. Standards for allowing smaller innovative companies access to ChiNext (创业板), China's growth enterprise board, should be properly eased so as to help smaller firms raise capital financing. Last month, Li Zibing (李子彬), president of China Association of Small and Medium-sized Enterprises (中小企业协会), sent a letter to Ma Kai asking for assistance for smaller firms.
Original article: [Chinese]


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