Day: December 15, 2020

(Xinhua)15:29, September 13, 2020

BEIJING, Sept. 13 (Xinhua) — Chinas major food processing companies recorded combined profits of 320.39 billion yuan (about 46.84 billion U.S. dollars) in the first seven months of 2020, up 7.5 percent year-on-year, according to official data.

Profit growth at these enterprises, whose annual revenues exceed 20 million yuan from their main operations, was in contrast to an 8.1 percent profit decline for the countrys major industrial enterprises, according to data from the Ministry of Industry and Information Technology (MIIT).

A breakdown of the data showed agricultural and food product processors saw their combined profits surge 20.1 percent from one year earlier, while combined profits of liquor, beverage and tea manufacturers fell 1 percent.

Sales of grain, oil and other food products from the major food companies rose 12 percent year-on-year during the period, while beverage sales climbed 10.5 percent from one year earlier, according to the MIIT.

(Xinhua)08:20, September 14, 2020

BEIJING, Sept. 13 (Xinhua) — The State Council, Chinas cabinet, on Sunday unveiled new rules to regulate market access of financial holding companies.

The new regulation requires non-financial companies or other eligible entities, which control at least two financial institutions doing business across financial sectors, to apply to and get approval from the Peoples Bank of China to establish financial holding companies.

The move is aimed at plugging regulatory loopholes and deepening financial reforms amid efforts to maintain market order, reduce risks and enhance support for the real economy, according to a notice released by the State Council.

The regulation, which will take effect on November 1 this year, specifies rules on a wide range of issues concerning the market access of financial holding companies, including registered capital, shareholders, actual controllers, capital replenishment and risk management.