http://www.bjreview.com AUGUST 15, 2019 BEIJING REVIEW 7
THIS WEEK
XIN
HU
A+L7HFKó-R\
Visitors experience games based on virtual reality technologies at a booth at
the Chinese gaming gala ChinaJoy in Shanghai on August 2. The exhibition,
YJKEJQRGPGFQPVJGUCOGFC[EQXGTUXCTKQWU³GNFUQHFKIKVCNGPVGTVCKPOGPV
such as animation and comics, computer games and esports.
(CBIRC) said on its website.
6JG³XGUVCVGQYPGFEQO
prehensive commercial banks
include Bank of China, Industrial
and Commercial Bank of China,
Agricultural Bank of China, China
Construction Bank and Bank of
Communications.
By the end of 2018, China had
DCPMKPI³PCPEKCNKPUVKVWVKQPU
covering over 20 types of banks,
CBIRC data showed.
Of the sector’s total, the balance
QHFGRQUKVUCPFNQCPUQHVJG³XG
state-owned banks made up 44
percent and 38 percent, respectively.
Compared with the United
States and major economies in
Europe, China’s domestic banking
system has a lower concentration,
the CBIRC said.
With mixed-ownership reform
promoted in recent years, the
PWODGTQH³PCPEKCNKPUVKVWVKQPU
controlled by private capital has
exceeded 3,000. Private capital
accounts for 40 percent, 50 percent
and 80 percent of the capital stock
of joint-equity banks, city com-
mercial banks and rural cooperative
banks, respectively.
devices and virtual reality products
posted a robust revenue expansion
QHCDQXGRGTEGPVKPVJG³TUVJCNH
of 2019.
The report showed that while the
content-based consumer Internet
remains the focus of digital culture
providers, many market players are
expanding into other industries such
CUVQWTKUOCPFURQTVUCUTG ́GEVGFKP
the fast growth of smart tourism and
esports.
While consolidating domestic
market share, leading industrial
players, including Tencent, Baidu
and ByteDance, are seeking greater
overseas presence by means of
investment in foreign counterparts
as well as export of domestic prod-
ucts and co-production with global
partners.Drop in IPO Approvals
The approval rate of initial public of-
ferings (IPO) continued to decline in
July as China’s securities watchdog
tightened the review, Shanghai
Securities News reported.
The approval rate fell to 64
percent as the China Securities
Regulatory Commission (CSRC)rejected four out of 11 applications in
July, marking the second consecu-
tive monthly drop after May’s perfect
approval record.
6JG%54%JCUKPVGPUK³GFUW
pervision of companies to promote
market-oriented competition and
regulate market entry and exit.
Besides the lower approval rate,
regulators sent signals of zero toler-
ance as a number of IPO applicants
were affected by the investigation
KPVQVJG³PCPEKCNHTCWFQH4WKJWC
%GTVK³GF2WDNKE#EEQWPVCPVUYJKNG
the CSRC issued warnings over
the misconduct of two brokerages
associated with the science and tech-
nology innovation board projects,
according to the report.
The CSRC said it would integrate
onsite inspections and regular super-
vision to keep IPO applicants on the
right track. On July 11, it announced
CPKPURGEVKQPQH³TOU
Chen Li, a researcher with
Chuancai Securities, said the CSRC
raised the threshold of corporate
QRGTCVKQPCPF³PCPEKCNRGTHQTOCPEG
due to major violations by several
CEEQWPVKPI³TOU6JGFGENKPGECPDG
attributed to the business prospects
of the applicants.Digital Culture
The digital culture sector is expected
to see robust expansion in China
as new-generation technologies
become powerful tools to create
and promote cultural products and
services, an industrial report showed.
The commercial use of the 5G
wireless network and applications
QHDKIFCVCCTVK³EKCNKPVGNNKIGPEG
blockchain and other state-of-the-
art technologies are expected to
DTKPIUKIPK³ECPVEJCPIGUVQVJG
digital culture sector, according to
the Digital Culture Industry Trends
Report released by the Development
Research Center of the State Council,
the Chinese Academy of Social
Sciences and Tencent Research.
China’s culture sector has been
expanding steadily in recent years.
The total revenue of the culture sec-
tor and related businesses hit 4.
trillion yuan ($588 billion) in the
³TUVJCNHQHVJG[GCTWRRGTEGPV
year on year, data from the National
Bureau of Statistics showed.
Within the sector, Internet
advertising, Internet-based entertain-
ment, digital publications, wearableXIN
HU
AGreen Opportunities
A tourist picks grapes in a vineyard in Lujiapu Village, east China’s Zhejiang
Province, on August 2. In recent years, the village has developed leisure
tourism to boost the local economy.