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This is a discussion on China Tech News within the Electronics forums, part of the Non-Related Discussion category; CHINA plans to stamp out all remaining cryptocurrency trading in the country by blocking access to overseas-based websites and removing ...

          
   
  1. #661
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    China plans to stamp out all crypto trading

    CHINA plans to stamp out all remaining cryptocurrency trading in the country by blocking access to overseas-based websites and removing related applications from app stores.

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    The moves were outlined in a report on Sunday by Financial News, a publication under the People’s Bank of China, which said the aim was to snuff out the “dying cinders” of cryptocurrency trading and initial coin offerings “which are glowing once more.”

    Faced with Chinese citizens who continue to trade cryptocurrency on platforms operated beyond the country’s reach, or take part in initial coin offerings, authorities will “ratchet up oversight in a sustained manner,” the report said.
    After launching a campaign last year, authorities eliminated most cryptocurrency trading in the country. China’s share of trading plummeted from 90 percent of the world to below one percent, the report said.

    That crackdown sent Chinese cryptocurrency traders to overseas platforms operated in Hong Kong and Japan. The latest regulatory moves aim to cut off access to them.

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    66m jobs created over past 5 years

    CHINA created over 66 million urban jobs over the past five years, official data showed.

    Over the five years, 90 percent of college graduates found jobs and more than 1.1 million redundant workers resulting from China’s excess production capacity cuts were re-employed, said Yin Weimin, minister of human resources and social security.

    By the end of 2017, the joblesst rate in urban areas was 3.9 percent, the lowest since 2002, official data showed.
    From 2013 to 2017, over 13 million jobs were created annually in urban areas, despite the negative effect of economic structuring and slowing growth, official data showed.

    In 2017, 13.51 million new jobs were created in urban areas. The central government set an increase of 11 million jobs as its official target for the whole of 2017.

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    Singapore’s Q4 GDP seen to slow

    A ferry sails past Pasir Panjang container terminal port in Singapore yesterday. Singapore’s economy is set to have grown less than initially expected in the fourth quarter as factory activity and exports slowed, suggesting the recent easing in booming sales of electronics could hit growth this year.

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    A Reuters poll yesterday predicted quarterly growth at 2 percent in the October-December period on a seasonally adjusted and annual basis, slowing from the 2.8 percent preliminary figure.

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    Steady growth on economy into 2018

    CHINA’S manufacturing activity edged down in December, official data showed yesterday, but largely maintained momentum despite curbs on heavy industry aimed at taming the country’s chronic air pollution.

    The manufacturing purchasing managers’ index (PMI), a gauge of factory conditions, stood at 51.6 last month, the National Bureau of Statistics said, compared to 51.8 in November.

    Anything above 50 is considered growth, while under 50 points to contraction.
    China has curbed activity in heavy industries in the northeast to reduce surplus capacity and the heavy smog that typically blankets the region in late autumn and winter.

    The index in December is on par with the annual average, still pointing to a strong resilience in China’s growth, according to NBS senior statistician Zhao Qinghe.

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