Outbound Investment, CCTV's Xi Documentary: Eye on Chinese Media

After People’s Bank of China Deputy Governor Pan Gongsheng said some companies transfer assets overseas via outbound investment, a Commerce Ministry official said the review process for such investment is helping businesses do a "health check," according to Economic Information Daily, a newspaper affiliated with the official Xinhua News Agency. While China has tightened capital controls to stifle outflows as the yuan weakens, companies have been pushing to snap up overseas assets as a way of moving capital out of the country.

Elsewhere:

  • China should improve research and development to upgrade manufacturing and meet the high end of the "smile" curve, according to an opinion piece published at People’s Daily, the Communist Party’s flagship newspaper. Policy makers, who have rolled out a sweeping plan called Made in China 2025 to improve manufacturing, often cite the curve as adding more value and using higher technology. "There’s a smiling curve theory: at the bottom of the curve is production, and moving up the curve are research, development and branding that have higher value," the paper said.
  • Low-level government jobs are attractive again in Shanghai, according to a front page People’s Daily story. China has tried to improve the efficiency of government agencies with better performance evaluations, but changes have been harder to implement in smaller cities.
  • State broadcaster CCTV continues rolling out its documentary series on President Xi Jinping’s early days. The new episode explores his days as a young party chief in Zhengding, a small county in Hebei province. The programming continues the broadcaster’s effort to promote Xi’s down-to-earth image.

— With assistance by Xiaoqing Pi

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