英文摘要

《财经》杂志   

2020年01月16日 12:53  

本文3774字,约5分钟

China’s Coal-Fueled Power Industry Undergoes Great Changes; China Revises Securities Law as Capital Market Reforms Deepen; China Speeds Up Local Government Bonds Issuance;A Close Look at Bilibili’s Decision Maker, Chen Rui

China’s Coal-Fueled Power Industry Undergoes Great Changes

The energy revolution and transformation are profoundly changing the trajectory of China’s electric power development. Coal-fueled power as the main power source has also reached a crossroads. The role and positioning of coal-fueled power has become the latest focus of discussions in the energy industry. Some people believe that coal-fueled power should be phased out as soon as possible to expand the development space for renewable energy so as to achieve the transformation of energy sources. Another point of view is that among China’s coal power plants there have been more than 800 million kilowatts of which have completed ultra-low-emissions transformation, and its emissions have reached the standard of gas-fueled power plants, and coal power should still be developed moderately.

However, even ultra-low emissions cannot solve the problem of carbon emissions, and coal-fueled power still poses severe challenges for the response to the climate crisis. In addition, another major problem facing coal power development is economic loss. The coal power industry faces many major challenges. Firstly, overcapacity is serious. Coal prices continue to rise while electricity prices continue to fall. In addition, abandoning this fossil energy has become an international trend.

 

China Revises Securities Law as Capital Market Reforms Deepen

After five years of deliberation, as a response to deepening capital market reforms, the second major revision of the Securities Law of China was finally revealed. This has resulted in more than 100 articles being amended. Comprehensively promoting the registration-based IPO system and greatly improving the level of protection of investors are the core of the revision of the Securities Law. As the fundamental law of the capital market, the Securities Law has been implemented since July 1, 1999. This amendment is the second one since it was last revised 14 years ago.

The revised Securities Law clearly and comprehensively promotes the registration-based IPO system. It will change the requirement of “continuing profitability” for issuing shares to “continuing operation ability” and terminate the issuance review committee system; significantly increase the cost of illegal transactions, fraudulent issuance and information disclosure misconduct.

 

China Speeds Up Local Government Bonds Issuance

The progress of China’s local government bonds issuance is accelerating. Considering that some provinces and cities have not disclosed the issuance of new special bonds, on the whole, it is expected that the scale of China’s new special bond issuance will continue to expand in January, or it will exceed 600 billion yuan. This means that more than 3 trillion yuan of new special bonds will be invested in infrastructure construction in 2020.

With the sharp increase in the scale of issuance, many financial institutions generally predict that China’s special bonds issued at local government level in 2020 will form a strong support for infrastructure investment. However, some researchers are worried that due to the constraints of heavy local government debt and the lack of special bonds as capital for ongoing projects, the growth rate of infrastructure investment in 2020 will not increase significantly.

 

A Close Look at Bilibili’s Decision Maker, Chen Rui

Chinese video website Bilibili was founded in 2009. Before being listed on the Nasdaq on March 28, 2018, this “obscure” company was considered by most to be a niche video site. With the popularity of Bilibili’s New Year’s Eve party on the Internet, it seemed that everyone heard about the company overnight.

Today’s Bilibili already boasts a market value of more than 7.1 billion U.S. dollars. It is also the largest Internet community in China and the closest Chinese site to YouTube. In an interview with Caijing reporters in the summer of 2019, Chen Rui, Bilbili’s biggest shareholder and ultimate decision maker, said that he is always introspective. “If the CEO encounters a major problem, it must not be the mistake he made this month,” he said. This article will tell you what kind of person Chen Rui is. He not only understands the unique style of his website users, but also the realistic requirements of corporate governance and capital markets..