The SEEC (Stock Exchange Executive Council) has accepted Hu?s resignation, said the magazine’s spokeswoman Zhang Heidi.

The SEEC, which owns and publishes Caijing, is a state-supported consortium of non-bank financial institutions.

Widespread reports have said the SEEC was trying to wrest power away from Hu, who is widely credited with making Caijing perhaps China’s most respected publication since she launched it in 1998.

In a country where the media is tightly controlled by the ruling Communist Party, Caijing has pushed the limits, crossing the relatively safe lines of business journalism to publish exposes on corruption and health scares.

One Caijing staff member said it was common knowledge at the magazine that the SEEC wanted Hu’s editorial team to restrain its reporting and “to focus more on finance and the economy, and leave politics more on the side. That is not what (Hu) wants.”

The employee added that a tussle also has raged over control of advertising revenues, with Hu seeking a greater share for editorial operations.

The staff member said Hu commanded the loyalty of the editorial staff.

Caijing –published biweekly — has a circulation of 225,000, according to China Daily.

Source : Konaxis

Liu Mingkang, chairman of CBRC, urged lenders to ensure the minimum requirement of capital adequacy ratio and lift the provision coverage ratio above 150 percent this year. As of the end of June, the provision coverage ratio of commercial banks was 134.3 percent, which was 10.4 percentage points higher than the end of March.

Loans to energy intensive and heavy pollution industries, and to sectors of overcapacity should be under strict control, he noted.

In addition, he ordered lenders to stick to rules on mortgage for second home buyers and step up scrutiny over approvals. Down payments on second homes are currently set at no less than 40 percent of the price.

Government data showed bank lending hit a record 7.37 trillion yuan in the first half, far exceeding the full-year target of 5 trillion yuan.

Wang Qing, Morgan Stanley’s chief China economist, said the loan growth should normalize in the remainder of the year, as the pace in the first half of this year is not sustainable.

Source : Konaxis

CNBC official site aimed to provide CNBC financial television’s professional global financial news, comment and analysis for China’s investors and decision makers. Currently, CNBC China site includes leading columns such as commercial, economic, comment, blog, and topic etc., most of the contents are from the English translation of CNBC Global Featured Sites contents, as well as selected parts of CNBC television, high-end interview video or text scripts. Commentaries from well-known financial experts and scholars will be added in the future.

Wang Jianhong, Vice president of CNBC Asia Pacific, head of China area said: “CNBC launched the Chinese CNBC indicated the great attention put on the Chinese market by CNBC and determination to further enhance the brand influence in China. CNBC is dedicated in providing the Chinese audience the best international financial information. “It is said that, CNBC financial television belongs to NBC Universal-one of the three major U.S. television networks, with four major reporting networks: North America, Europe, Asia-Pacific, and Global.

City level guidelines to create a global financial hub will take effect from August 1, including the establishment of a fund to boost the financial industry.

Wu Hong, a local lawmaker and a professor at East China University of Political Science and Law, said detailed implementation rules on Shanghai’s financial development fund will be launched first, but he declined to provide a timetable. The fund is designed to attract top-level talent to the city and spur innovation.

Shanghai received the State Council approval to try innovative approaches on a trial basis to build the city into a major financial and shipping hub by 2020.

Shanghai is already China’s financial hub, home to the Chinese mainland’s larger stock market, its major futures market for metals and energy, its gold bourse and the foreign exchange center.

Source : Konaxis