New areas planned by China’s small cities could accommodate 3.4 billion people by 2030 – or almost half the world’s current population – a target that even Chinese state media calls problematic. A report by the National Development & Reform Commission, China’s central planning agency, found that small- and medium-sized cities were planning more than 3,500 new areas that could accommodate more than twice the country’s current population of 1.4 billion. The entire world has a population of 7.4 billion, according to U.S. Census estimates. The findings were detailed in an analysis by the official Xinhua News Agency, which criticized the planned new areas as unworkable: “Who’s going to live in them? That’s a problem,” the piece said.
Baidu considered bid for Paramount Studio stake
Baidu Inc. considered participating in a bid for a stake in Viacom Inc.’s Paramount Pictures, though it’s not currently in negotiations, people familiar with the matter said. The search engine giant had contemplated working with DMG Entertainment & Media Co., a Chinese-American company that has co-produced films such as “Iron Man 3” and is seeking a larger role in Hollywood, said the people, who asked not to be identified discussing private information. The effort ended in late May when it became clear that Viacom’s controlling shareholders, the Redstone family, opposed the sale, the people said.
Banks urged to step up risk controls
China’s banking regulator required banks to step up risk controls and safeguard financial stability as the nation’s soured debt rose. Banks’ nonperforming loans climbed to 1.81 percent of outstanding credit as of June 30 from 1.75 percent three months earlier, the China Banking Regulatory Commission said in a statement on Friday. While the CBRC said the banking industry’s capital adequacy and provision levels are still “relatively sufficient,” it urged the lenders to raise capital to enhance their loss-absorbing and risk-management ability.
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