The border between China and Russia was declared a low-risk area after Chinese authorities claimed that the pandemic is already under control. A cabinet meeting to address support for the economy in China revealed that it would be engaged in a new funding arrangement for the benefit of banks' investments in debt-to-equity swaps.
A small city in northeastern China in Heilongjiang province called Suifenhe is the border with Russia. The local government announced the area to be 'low risk' as the city continues to enjoy significant developments after the pandemic hit China. There has been a flare-up of cases imported into China from Russia in the last month. Hence, many people remain reluctant about the possibility of a second wave of infections as restrictions were lifted. The issues concerning the about the declaration of Suifenhe as a low-risk location was one of the concerns.
During a cabinet meeting last Wednesday, China Premier Li Keqiang also announced to promote measures that would support business recovery in China caused by pandemic disruptions. About 90 measures were discussed in the meeting, including the grant of tax and fee cuts, road fee waivers, and the establishment of special loan programs. These measures were referred to as most applicable for small businesses in the country.
China's funding sources for banks' debt-to-equity ventures would now be regulated with updated news. The latest policy provides that banks' asset investment subsidiaries would be allowed to issue investment plans if they are backed by debt-to-equity assets. The measure was said to expand the funding sources for the banking program that was designed to reduce leverage in the Chinese economy.
According to investors of an oil futures investment product issued by the People's Bank of China Yuan You Bao, the bank called them to discuss a settlement for the failed product. The bank also noted that it would shoulder a portion of the losses incurred. However, some investors shared their disagreement with the offer and continued to hop for other legal options that they may pursue against the bank.
Tourism, on the other hand, generated 47.5 billion yuan during China's May Day holiday. The value was said to be lower from last year's three-day holiday. At present, there was a record of 115 million trips during the period compared to the previous year's 195 million.
Last Tuesday, new cases were reported in the mainland, revealed China's health ministry. However, there have been no further casualties reported. There are also about 20 new asymptomatic cases where only 17 were domestic. Hence, by the end of Tuesday, China accumulated 903 asymptomatic patients under medical observation.
