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August 13th - According to foreign media reports, South Korea has raised the ceiling on household debt growth and pledged to increase housing supply in the Seoul metropolitan area, further intensifying efforts to curb the continued rise in the real estate market. Soaring housing prices have gradually become a political burden for President Lee Jae-myung. According to a joint statement released by the South Korean government on Thursday, the government plans to supply more than 230,000 housing units in the Seoul metropolitan area, including 100,000 units to be built in newly designated areas. This is a further increase on top of existing targets. Previously, the South Korean government had set a target to start construction on 1.35 million housing units in the Seoul metropolitan area between 2026 and 2030. The latest measures are a further step up from the supply-side policies announced last September. At that time, a prolonged slump in the construction industry raised concerns that a shortage of new housing supply would continue to drive up housing prices and make it more difficult for young families to afford a home.August 13th - The price adjustment window for refined oil products will reopen at 24:00 on August 14th (this Saturday at midnight). According to industry information from Longzhong Information, due to the downward fluctuation of international crude oil prices during the cycle, the domestic refined oil price will decrease by approximately 0.15 yuan/liter, marking the fifth price reduction this year. Based on a 70-liter fuel tank, private car owners will save about 11 yuan when filling up.The Reserve Bank of New Zealand surveyed that the average two-year inflation expectation for New Zealand in the third quarter was 2.34%.A survey by the Reserve Bank of New Zealand indicates that the average one-year inflation expectation in New Zealand for the third quarter is 2.6%.According to Mongolian media reports on August 13th, the Mongolian Emergency Command Center for Enhancing Fuel Supply and Security held a routine meeting on August 12th. The Minister of Industry and Mineral Resources emergency trip this week has yielded initial results. In August, Mongolia will import 50,000 tons of AI-92 gasoline from Russia, purchase an additional 15,000 tons of Euro 5 standard fuel, and agree to import an additional 25,000 tons of AI-92 gasoline and 5,000 tons of aviation fuel. A contract has also been signed with China to purchase 3,000 tons of aviation kerosene; the first batch of 1,000 tons has been received, and the remaining 2,000 tons will arrive soon. Simultaneously, a contract has been signed with South Korea to purchase Euro 5 standard fuel. This fully meets Mongolias August consumption needs and reserves. As of the time of this report, Mongolian mine production is stable, short- and medium-term shipments are good, fuel availability has increased to 30 days, and short-term freight rates have increased slightly by 80-85 yuan/ton.

Sources: China Will Propose New Measures to Fight "Greenwashing"

Aria Thomas

Dec 21, 2022 11:37

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As part of its efforts to rein in 'greenwashing' in the world's second-largest climate fund market, China aims to tighten regulations on so-called green funds, according to sources with direct knowledge of the situation.


The new guidelines, which might be implemented in the first half of 2023, will represent a significant shift in a fast expanding segment of the Chinese funds business, where asset managers now have discretion over the scope of green investments.


The regulations could have an impact on some or the majority of the green funds that make up the majority of the 160 sustainable products currently available in China, requiring them to substantiate their green claims or drop the popular label, potentially slowing strong flows in a sector that has raised tens of billions of dollars in recent years.


Currently, China's green funds only operate within the 2018-implemented wide investment criteria and lack a mandatory labeling scheme. End of September, these funds had $34 billion in assets, according to data from Morningstar.


Asset Management Association of China (AMAC), the country's funds regulator, has drafted regulations requiring mutual funds and exchange-traded funds to have at least 60 percent of their assets in the defined green investments category in order to be eligible for sale as green products, according to sources.


Under the term 'greenwashing,' funders make inflated or unconfirmed sustainability claims.


The guidelines of AMAC would be subject to final approval by the China Securities Regulatory Commission (CSRC), according to unnamed sources who were not authorized to discuss the matter.


AMAC and CSRC did not respond to calls for comment from Reuters.


China's ambitions come at a time when regulators in the European Union, United States, and the United Kingdom are intensifying their scrutiny of asset managers that profit from the increasing demand for funds with environmental, social, and governance (ESG) credentials.


China, the world's largest producer of greenhouse gasses, has made climate transition a top priority. China's climate fund assets grew exponentially in 2020 and 2021 from a modest basis after President Xi Jinping declared that China will be "carbon neutral" by 2060.


Last year, China surpassed the United States to become the second largest climate fund market in the world, behind Europe, according to Morningstar, which gathers worldwide ESG fund statistics.


In the first nine months of this year, 43 climate-themed funds were introduced in China, a 30% increase from the end of 2020.


In the past two years, more than a handful of international asset managers, like BlackRock (NYSE:BLK) and Fidelity International, whose overseas funds are already compliant with green criteria, have entered China.


To identify green assets, AMAC's proposed guidelines borrow from the 2021 edition of China's green bond catalog, a quasi-classification scheme. Currently, the catalog is solely applicable to debt finance.


According to the proposed suggestions, investments in cataloged programmes, such as energy-saving and sustainable infrastructure projects, will be considered green investments.

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