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The <keyword id="50190" type="General" weightage="100" keywordseo="asian-development-bank" source="Orion">Asian Development Bank</keyword> (ADB) has approved a USD 400 million loan to support the Indian government's <keyword id="706405" type="General" weightage="40" keywordseo="urban-reform" source="Orion">urban reform</keyword> agenda for creating high-quality <keyword id="557969" type="General" weightage="70" keywordseo="urban-infrastructure" source="Orion">urban infrastructure</keyword> and efficient governance systems. The programme also envisages integrated urban planning reforms to control urban sprawls and foster systemic and planned urbanisation through enhancing the entire ecosystem of legal, regulatory, and institutional reforms along with capacity building of ULBs and community awareness, ADB said. "The Asian Development Bank (ADB) has approved a USD 400 million policy-based loan to India for Sub-programme 2 of the <keyword id="8174895" type="General" weightage="20" keywordseo="Sustainable-Urban-Development" source="Orion">Sustainable Urban Development</keyword> and Service Delivery Programme. "The programme aims to support the government's urban reform agenda for improving the quality of urban life through the creation of high-quality urban infrastructure, assured public services, and efficient governance systems," ADB said. While Subprogramme 1, approved in 2021, established national-level policies and guidelines to improve urban services, Subprogramme 2 is supporting investment planning and reform actions at the state and urban local body (ULB) levels. "India has recognised the potential for cities to be centres of economic growth and has emphasised the need to make cities livable through inclusive, resilient, and sustainable infrastructure, which is also in line with ADB Strategy 2030," ADB Principal Urban Development Specialist <keyword id="86074" type="General" weightage="20" keywordseo="Sanjay-Joshi" source="Orion">Sanjay Joshi</keyword> said.

ADB approves $400 mn loan to support govt's urban reform agenda

Prime Minister <keyword id="6354477" type="PERSON" weightage="60" keywordseo="Narendra-Modi">Narendra Modi</keyword>’s one of the most ambitious dreams is to establish 100 Smart Cities across India. To realise his dream, the state governments and other stakeholders have started taking baby steps. They have chalked out the criteria for the selection and ranking of cities hoping to build ‘a new Chicago every year’ in the country by agreeing to implement innovative financing models and urban governance reforms. 
 These agreements were reached following intense discussions at the two-day ‘Consultation Workshop of state governments and stakeholders on smart cities.’ The final recommendations were presented at the concluding ‘Plenary Session,’ which was chaired by <keyword id="6721" type="PERSON" weightage="60" keywordseo="babul-Supriyo">Babul Supriyo</keyword>, minister of state for urban development and housing &amp; urban poverty alleviation. 
 The state governments and other stakeholders have suggested that the basic eligibility conditions to participate in the ‘<keyword id="513113" type="UNKNOWN" weightage="100" keywordseo="smart-city">Smart City</keyword> Challenge’ competition should include a city development strategy, progress under <keyword id="2312336" type="UNKNOWN" weightage="60" keywordseo="Swachh-Bharat-Mission">Swachh Bharat Mission</keyword>, timely payment of salaries to municipal staff, information and grievance redressal mechanism as well as e-News Letter. 
 
They’ve also added that the ranking of these cities will be based on parameters such as: self-financing ability (25% weightage), institutional systems and capacities (25%), existing service levels and committed plan of action for three years (25%), past track record in implementing reforms (15%) and the quality of vision document (10%). 
 
Indian states have suggested two sets of reforms separately for small and metropolitan cities, land monetisation, quick progress towards e-governance and online service delivery, integrated geographic information system (GIS)-based master plans, policy reforms, fixed tenures for mayors and municipal officials, improving revenues through 100% collection of taxes and user charges etc. 
 
In order to enable the state governments to take up the challenges under smart cities initiative, Minister of States Babul Supriyo has urged the state authorities to devolve necessary functions, funds and functionaries to the urban local bodies.

Indian States Gear Up For An Era Of ‘Smart Cities’

<div class="image-container float_right" style="width:480px"><div class="image">REUTERS/Dylan Martinez</div></div>Since 1979, <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword> has maintained a population control program known as the "one-child policy," in most cases limiting families living in urban areas to only one child.
The country just completed a once-in-a-decade leadership transition earlier this year, though, and the new management is eager to show its reform-minded stripes amid a slowdown in the Chinese economy.
As a result, the "one-child policy" may be set to become a "two-child policy" fairly soon.
According to BofA Merrill Lynch economist Ting Lu, that could translate to about 10 million new babies.
"According to the 21st Business Herald which cited sources close to the National Population and Family Planning Commission, China may significantly relax its one-child policy at end-2013 or early-2014 by allowing families to have two children if at least one parent is from a one-child family," writes Ting in a note to clients. "A plan for allowing all families to have two children after 2015 is also being reviewed. We believe the news to be reliable and is in line with our view."
Ting breaks down the math in his note:
<div class="page" title="Page 1">
<div class="section">
<div class="layoutArea">
<div class="column">
If the 21st Business Herald news is confirmed, the demographic reform path (which we called “piecemeal path” in our earlier report) is more conservative than our baseline “middle path”, which is defined as allowing all families to have two children without any restrictions. So is this a big disappointment? Not really. This is because the one child policy now is only strictly enforced in urban areas and some developed rural areas where most couples of child-bearing age have at least one singleton (note China’s one-child policy started in the late 1970s). 
According to the 2005 population survey, singletons account for 29.3% of Chinese aged 30 or under (the generation affected by the one-child policy). The ratio should be significantly higher in urban areas. Assuming 60% of people of child bearing age in urban areas are singletons, on top of the 36% families which are already allowed to have two children, we estimate 48% of urban families of child bearing age could benefit from the coming reform. Using census data, there are 79mn women of child bearing age (23 to 42) this year. 48% of 79mn is 38mn. Assuming 25% of them choose to have a second child, about 9.5mn babies would be born as a result of this reform to one-child policy.
</div>
</div>
</div>
</div>
"We believe that the reform-minded president Xi and premier Li will use the opportunity of abolishing the one-child policy to build up their authority, show their determination in making changes and convince the Chinese people that they do have a roadmap for reforms," says Ting.

China's Infamous 'One-Child Policy' Is About To Become A 'Two-Child Policy'

<div class="image-container float_right" style="width:402px"><div class="image"></div><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult_VPage&amp;VBID=2C04WNV8N16KZ&amp;SMLS=1&amp;RW=1616&amp;RH=848#/SearchResult_VPage&amp;VBID=2C04WNV8N1TOH&amp;SMLS=1&amp;RW=1616&amp;RH=848&amp;PN=1">REUTERS/Kim Kyung-Hoon</a></div><keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword> is planning an overhaul of its <keyword id="6368265" type="UNKNOWN" weightage="60" keywordseo="bond-market">bond market</keyword>, according to an <a href="http://www.reuters.com/article/2013/02/28/us-china-economy-urbanisation-idUSBRE91R1H720130228">exclusive report by Reuters' Nick Edwards and Benjamin Kang Lam</a>.
This is part of the Communist Party's attempt to raise money for its 40 trillion yuan ($6.4 trillion) <keyword id="68159" type="UNKNOWN" weightage="60" keywordseo="Urbanization">urbanization</keyword> program, according to the report.
China currently relies on state banks to fund investment but the amount needed for this program can't be met by banks alone. The Chinese junk bond market is in its nascency and it doesn't have an adequate muni-bond market:
"Total debt outstanding in China's fledgling bond market was 26.4 trillion yuan as of the end of January 2013, People's Bank of China (PBOC) data shows - barely a sixth of the size of the U.S. bond market - and most of what is traded is issued by policy banks to support their lending.
"...The need for bond market reform has grown more urgent since December, when Li accelerated a commitment in China's 12th five-year plan to spend 40 trillion yuan on Urbanization by 2030. That money will now be spent over the next decade."
China has been <a href="http://www.businessinsider.com/xi-jinping-will-reform-china-2012-12">loosening capital controls</a> since the 18th Party Congress in November, and this would fit into that trend. From the report: 
"The urbanization drive will push the domestic capital market liberalization agenda," the senior bank executive said on condition of anonymity. "Urbanization is Li Keqiang's big project. He has to get it right and he is willing to pursue innovation to make it a success."
But will urbanization really help revive growth?
Chinese policymakers are <a href="http://www.businessinsider.com/chinas-new-leaders-land-reforms-2012-11">pushing urbanization</a> as <a href="http://www.businessinsider.com/urbanization-cant-save-chinese-economy-2013-1">a way to drive economic growth</a>. But analysts have warned that the impact of urbanization on the nation's productivity is decreasing. 
Citi's Peter Orszag has said that <a href="http://www.businessinsider.com/peter-orszag-china-lewis-turning-point-2012-11">China is near its Lewis turning point</a> i.e. the point at which the shift of people from agriculture to manufacturing does not lead to productivity gains.
<a href="http://www.businessinsider.com/urbanization-cant-save-chinese-economy-2013-1">Societe Generale's Wei Yao</a> had this to say on the subject:
"For an emerging economy to catch up, moving farmers to manufacturing plants is a key source of productivity gain in the early stage. China’s experience in the past three decades was a typical example.
"The 10-year average growth rate of China’s urban population growth was 4.8% in the 1980s, 4.2% in the 1990s and 3.8% in the 2000s. The impact of this rapid urbanization on total factor productivity (TFP) was particularly pronounced. We estimate that this source accounted for about 30% of the impressive TFP growth.
"However, urban population growth should also decelerate rapidly in the current decade. The UN projected China’s urban population to grow 2.5% in the 2010s, 1.3ppt slower than in the previous decade. As a result, China’s labor productivity growth, which averaged 8% in the 1990s and 9.5% in the 2000s, will normalize lower as well."
Experts warn that to make urbanization work China needs to continue <a href="http://www.reuters.com/article/2013/02/28/us-china-economy-urbanisation-idUSBRE91R1H720130228">pushing market reforms</a> too.
<a href="http://www.reuters.com/article/2013/02/28/us-china-economy-urbanisation-idUSBRE91R1H720130228">Click here to read Reuters piece &gt;</a>

REPORT: China Is Planning A Massive Overhaul Of Its Bond Market

<ul class="summary-list"><li>Cities around the world have been repurposing hundreds of miles of roads to promote cycling since the pandemic began.</li><li>Advocates for cycling and urban reform are hoping the pandemic could be a catalyst to reimagine city streets of the future.</li><li>Cities like New York, Oakland, London, Paris, and Bogota may even make their cycling-friendly changes permanent.</li></ul>

The pandemic could change the way we look at transportation — here's how cities are reimagining streets with more bikes and fewer cars

Despite concerns about a Chinese economic slowdown, Yale professor and former chairman of Morgan Stanley Asia, <keyword id="49753" type="PERSON" weightage="60" keywordseo="Stephen-Roach">Stephen Roach</keyword> continues to be optimistic on the Asian giant.
During a <a href="http://asiasociety.org/new-york/events/jim-chanos-stephen-roach-china-short-and-long-sold-out">debate with Jim Chanos of Kynikos Associates at Asia Society</a>, Roach said he differs with Chanos on one key thing: <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>'s ability to change its economic model.
Roach believes that China is rebalancing its economy and moving away from exports and investment, to consumption and services-led growth. Chanos on the other hand argues that China is unlikely to change its economic model, and if it does, it isn't imminent.
For proof of such change in the next two or three years, Roach is looking at 5 key things:
<ol>
<li>Reform of Hukou of the residential permit system.</li>
<li>Urbanization - The urbanization rate is expected to rise to about 70 percent in 2030, and they're building 100 new cities with a population of 1 million each. The urban city count will rise to 225 over the next 17 years. This is a capital intensive endeavor.</li>
<li>Reforms that will help consumer spending.</li>
<li>Liberalizing interest rates.</li>
<li>Shift in dividend policy of state owned enterprises (SOEs) who are piling up cash that needs to piled back into other objectives.</li>
</ol>
Chanos of course disagreed and said, "I don't believe that with or without an 18-year plan, that seven guys in a room can manage the economy and get it right. ...Central planning light is still central planning and it sows the seeds of its own demise. The model is fundamentally contradictory in the 21st century."

STEPHEN ROACH: 5 Key Things Will Tell Us If China's Economic Model Is Changing

New Delhi, The Centre on Saturday said that all states except Tamil Nadu have availed benefits of "Special Assistance to States for <keyword id="112324" type="ORGANIZATION" weightage="20" keywordseo="capital-expenditure">Capital Expenditure</keyword>". The scheme is aimed at boosting capital expenditure by the state governments, who are facing a difficult financial environment this year due to the shortfall in tax revenue arising from the Covid-19 pandemic. According to <keyword id="9291953" type="COMPANY" weightage="20" keywordseo="the-ministry-of-finance">the Ministry of Finance</keyword>, capital expenditure has a <keyword id="10421981" type="UNKNOWN" weightage="20" keywordseo="higher-multiplier-effect">higher multiplier effect</keyword>, enhancing the future productive capacity of the economy, and results in a higher rate of economic growth. "Therefore, despite the adverse financial position of the <keyword id="6357307" type="UNKNOWN" weightage="20" keywordseo="Central-Government">central government</keyword>, it was decided to extend a special assistant to the state governments in respect of capital expenditure, in the financial year 2020-21," "The scheme has got very warm response from the state governments. So far capital expenditure proposals of Rs 9,879.61 crore of 27 States have been approved by the Ministry of Finance." As per the statement, an amount of Rs 4,939.81 crore has already been released to the states as the first instalment under the scheme. "The capital expenditure projects have been approved in diverse sectors of economy like, 'Health, Rural Development, Water Supply, Irrigation, Power, Transport, Education, <keyword id="111319" type="COMPANY" weightage="20" keywordseo="Urban-development">Urban Development</keyword>'." Besides, the scheme has three parts of which the first covers the north-eastern region. "Under this part, Rs 200 crores is allocated to seven north-eastern states. In view of higher population and geographical area, Assam has been allocated Rs 450 crores under the scheme," The second part of the scheme for all other states that are not included in part-I. "An amount of Rs 7,500 crores is earmarked for this part. This amount has been allocated amongst these states in proportion to their share of central tax as per the interim award of <keyword id="9256069" type="COMPANY" weightage="20" keywordseo="the-15th-finance-commission">the 15th Finance Commission</keyword> for the year 2020-21," In addition, the third part of the scheme is aimed at pushing various citizen-centric reforms in the states. "Under this part, an amount of Rs 2,000 crores is earmarked. This amount will be available only to those states who carry out at least 3 out of the 4 reforms specified by the Ministry of Finance in its letter dated 17th May, 2020 regarding reform linked additional borrowing permissions." Accordingly, the four reforms are - 'One Nation One Ration Card, Ease of doing Business Reform, Urban Local Body pr Utility Reform and Power Sector Reform'. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-irctc-hdfc-bank-tcs-tvs-motor-dalmia-bharat-ultratech-acc-ambuja-and-others/articleshow/79672813.cms">Top stocks to watch — IRCTC, HDFC Bank, TCS, TVS Motor, Dalmia Bharat, UltraTech, ACC, Ambuja, and others</a> <a href="https://www.businessinsider.in/tech/mobile/news/best-smartphones-of-2020-in-india/slidelist/79675101.cms">Best smartphones of 2020 in India</a> <a href="https://www.businessinsider.in/india/news/reports-suggest-that-tata-adani-and-hinduja-group-are-interested-in-air-india-divestment-plan/articleshow/79675955.cms">Last date for Air India divestment plan nears — reports suggest that Tata, Adani and Hinduja Group are interested</a>

All states except Tamil Nadu availed special capital expenditure scheme: Centre

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Kim Kyung-HoonThe Great Hall of the People, where the Chinese Communist Party plenum is being held, is seen behinds red flags in Tiananmen square in Beijing November 12, 2013.</div></div></div>HONG KONG/BEIJING (Reuters) - A document purporting to detail reform plans by <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>'s ruling Communist Party, including liberalizing the prices of resources and reining in some state monopolies, circulated widely on social media on Friday, helping fuel the biggest stock market rally in two months.
The document appeared to be a scanned copy of part of a version of a policy statement with annotations on it. It circulated on the Twitter-like social media service Weibo and was passed around widely on the social messaging service WeChat.
Reuters was not able to independently verify the authenticity of the document, but market players said that its relatively detailed language on reforms helped fuel a rally in Shanghai and Shenzhen stocks that saw the CSI300 index &lt;.CSI300&gt; post a 2 percent rise amid heavy volume.
The Communist Party is widely expected to release a more detailed blueprint for economic reforms early next week, following a more general communiqué issued on Tuesday at the close of a plenary session of its elite Central Committee.
The relatively vague wording of the communiqué had disappointed the market, contributing to a fall of more than 2 percent in the CSI300 index on Wednesday.
"The move up today in the A-share market was mainly driven by the leaked draft document that gave people the reform details that were lacking in the initial communiqué," said a strategist with a Chinese brokerage, who asked not to be identified because he was not authorized to speak to media.
Another equity trader at a mid-sized brokerage in Shanghai said: "Compared to the communiqué released a few days ago, several factors exceeded expectations. So the market reacted."
Calls to the publicity department of the Communist Party were not answered, and there was no immediate response to a faxed request for comment.
The document said the government will push reforms on the pricing of water, oil, natural gas, electricity, telecommunications and transportation, and refrain from intervening in the market.
The government will push ahead with exchange rate and interest rate reforms, establish a market-driven bond market and open capital markets further, while speeding up moves towards full capital account convertibility, it said.
The government will also push reforms to limit various forms of state monopolies. State-owned firms must adapt to market changes, improve their efficiency and engage in fair competition, and exercise more social responsibility, it said.
China will encourage more state-owned enterprises (SOEs) to shift towards mixed ownership by bringing in private investors and allowing employees to hold shares in such companies, it added.
It included details on giving farmers more property rights and quickening reforms of the current "hukou" or residency system, which currently hinders rural residents from making a full transition to urban dwellers - something that in turn has impeded the country's urbanization efforts.
Such restrictions will be lifted in small cities and townships and gradually removed in middle-sized cities, the document said.
The language in document was consistent with the overall tone of the communiqué issued on Tuesday, in which the party vowed to let the market play a "decisive" role in the economy and said it would create a central working group to push through reforms.
Independent of the leak, the official People's Daily published comments by a senior party official on Friday saying the party's reform plan was "unprecedented" in an apparent bid to reassure the market about Beijing's commitment to pushing for change.
"Efforts will be unprecedented," Yang Weimin, vice head of the Office of the Central Leading Group on Finance and Economic Affairs, told the People's Daily in an interview.
The leadership approved a "decision on the deepening of comprehensive reforms" in a 20,000-word text covering 15 areas, he said.
"When reforms have entered a crucial stage, the deep water, we have to push comprehensive changes in order to deepen reforms," said Yang, who was involved in drafting reform plans.
(Reporting by Beijing, Shanghai and Hong Kong newsrooms; Editing by Neil Fullick)

Chinese Reform Plan Leaks And The Stock Market Surges

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Win McNamee/Getty ImagesPaul Ryan</div></div></div>Republicans are taking on a brutal <a href="http://www.businessinsider.com/trump-tax-reform-plan-analysis-study-rich-rates-2017-9">study of their new tax reform plan</a>, slamming its assumptions and the conclusion that their framework would benefit wealthier Americans.The study, released by the Urban-Brookings Tax Policy Center, found that the ideas contained in Republicans' nine-page tax reform document would disproportionately favor the wealthiest Americans, while some middle income Americans would see their taxes increase over the next 10 years.Rep. Kevin Brady, chair of the House Ways and Means committee and one of the "Big Six" tax negotiators, said the TPC report was "misleading, unfounded, and biased.""Their analysis was a work of fiction that Stephen King would've been proud of," Brady told Fox News Radio on Tuesday.House Speaker Paul Ryan also brushed off the analysis during <a href="http://video.foxnews.com/v/5596899207001/?playlist_id=5588812415001#sp=show-clips">an appearance on Fox News</a>."It's very predictable coming from this group," Ryan said referring to the TPC. "I think the Wall Street Journal got this right when they said this is an anti-reform, propaganda group. It's anti-tax reform."Republicans argue that their plan is not yet completed, so any analysis of the plan is premature. The framework does avoid many specifics and contains vague language, which is designed to give the committees writing the legislation some leeway on specific provisions and avoid pressure from lobbyists."They're literally making up details, assuming what Congress will do, in order to come up with these kinds of results, to come up with these talking points," Ryan told Fox News.House Republicans were not the only ones who took issue with the TPC report. Senate Majority Leader Mitch McConnell's office <a href="https://www.republicanleader.senate.gov/newsroom/research/tax-policy-center-premature-guesses-based-on-partisan-assumptions">even dedicated a page on the leader's website</a> to attacking the report, citing editorials from various news outlets and stories from years past that attacked TPC.The other leading tax writer in the Senate, Finance Committee Chair Orrin Hatch, also took issue with the report, noting it contained a disclaimer that it expressed the views of the author."Even more unusual, no specific authors were listed on the analysis, probably because no respectable academic or researcher was willing to have their name associated with something so haphazardly cobbled together," Hatch said.A representative for the Urban Institute did not immediately return a request for comment. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/donald-trump-nfl-league-usfl-sued-tweet-three-dollars-2017-9">Trump once won a lawsuit against the NFL - but the result was an embarrassment</a></h3> <div> </div> </div>

'A work of fiction Stephen King would've been proud of': Republicans are slamming a bombshell study on Trump's tax plan

New Delhi, <keyword id="6356303" type="LOCATION" weightage="20" keywordseo="Centre">Centre</keyword> has granted permission for additional mobilise additional financial resources to the tune of ₹16,728 crore through open market borrowings to five states. The permission has been granted as the state have so far completed the stipulated reforms in the ease of doing business. These states are <keyword id="37102" type="PERSON" weightage="20" keywordseo="Andhra-Pradesh">Andhra Pradesh</keyword>, <keyword id="6354780" type="PERSON" weightage="20" keywordseo="Karnataka">Karnataka</keyword>, <keyword id="6355554" type="UNKNOWN" weightage="20" keywordseo="Madhya-Pradesh">Madhya Pradesh</keyword>, <keyword id="20154" type="PERSON" weightage="20" keywordseo="tamil-nadu">Tamil Nadu</keyword> and <keyword id="68884" type="LOCATION" weightage="20" keywordseo="Telangana">Telangana</keyword>, said a Finance Ministry statement. In view of the resource requirement to meet the challenges posed by the pandemic, the government had on May 17, 2020 enhanced the borrowing limit of the states by 2% of their GSDP. Half of this special dispensation was linked to undertaking citizen centric reforms by the states. The four citizen centric areas for reforms identified were implementation of 'One Nation One Ration Card' system, ease of doing business reform, urban local body or utility reforms and power sector reforms. So far 10 states have implemented the One Nation One Ration Card system, five States have done 'ease of doing business' reforms, and two states have done local body reforms. Besides additional borrowing permissions, the states completing three out of the four reforms are entitled to get <keyword id="10465790" type="UNKNOWN" weightage="20" keywordseo="additional-financial-assistance">additional financial assistance</keyword> under the "Scheme for Financial Assistance to States for Capital Expenditure". Under the scheme, an amount of ₹2,000 crore is earmarked for this purpose. To facilitate more states to undertake the reforms and avail additional borrowings,the Department of Expenditure, Ministry of Finance had recently extended the deadline for the states to complete citizen centric reforms in various sectors. Now, if the recommendation from the nodal ministry concerned regarding implementation of the reform is received by February 15, 2020, the state will be eligible for reform linked benefits, said the statement. SEE ALSO: <a href="https://www.businessinsider.in/business/news/ikea-india-cfo-says-she-still-has-3500-crore-to-be-spent-in-india-the-pandemic-has-changed-targets-but-not-the-investment-plan/articleshow/79790938.cms">INTERVIEW: Ikea CFO says she still has ₹3,500 crore to be spent in India⁠— the pandemic has changed targets but not the investment plan</a> <a href="https://www.businessinsider.in/science/health/news/india-will-produce-300-million-doses-of-the-russian-sputnik-v-covid-19-vaccine-next-year/articleshow/79795341.cms">India will produce 300 million doses of the Russian Sputnik V COVID-19 vaccine next year</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-mrs-bectors-food-specialities-ipo-allotment-status-online/articleshow/79808672.cms">Mrs Bectors Food Specialities IPO allotment: Here’s how to check share allotment status</a>

Andhra Pradesh, Karnataka, Madhya Pradesh, Tamil Nadu and Telangana got permission for additional financial resources of ₹16,728 crore

<div class="KonaFilter image-container float_right"><div class="image on-image">AP</div></div>HONG KONG (Reuters) - <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>'s mass consumer, health care and non-banking financial counters may well be the early winners in the country's stock markets this week after Beijing promised the most sweeping economic and social reforms in nearly three decades.
Equity market investors are likely to cheer a plan to increase private ownership in state-owned enterprises, but the longer-term prognosis will likely vary across sectors.
The big losers could well be the "big four" state banks, ICBC &lt;1398.HK&gt; &lt;601398.SS&gt;, China Construction Bank&lt;0939.HK&gt; &lt;601939.SS&gt;, Agricultural Bank of China &lt;1288.HK&gt; &lt;601288.SS&gt; and Bank Of China &lt;3988.HK&gt;&lt;601988.SS&gt;, which dominate formal lending. They are already feeling the pinch of interest rate liberalization and China's leaders have promised to accelerate financial sector reform.
"In the near term, we believe market sentiment should be lifted by the detailed announcement of the Third Plenum released Friday night," Goldman Sachs China equity strategists said in a client note referring to a four-day conclave of Communist Party leaders that set the reform agenda, promising "decisive" results by 2020.
The 60-point plan included land and residency reform to make it easier for rural Chinese to migrate to urban areas, a relaxation of the country's one-child policy and allowing markets to play a greater role in the economy.
Stock markets in Hong Kong and China had rallied on Friday after an apparent leak of part of the plan circulated on social media. The China Enterprises Index &lt;.HSCE&gt; of the top offshore Chinese listings in Hong Kong jumped 3 percent for its biggest percentage gain in three months. <ID: nL4N0J014E=""></ID:>
This could continue since investors are underinvested in Chinese equities, analysts said. A Bank of America-Merrill Lynch survey showed that just 11 percent of emerging market funds had an "overweight" position on Chinese equities in November ahead of the Communist Party meeting, down 45 percentage points from October. Since the reforms announced on Friday have helped dispel doubts about the reform credentials of President Xi Jinping, some of the funds could upgrade their view of the markets and filter money back in.
Investment into China-focused equity funds has been choppy in the last month, but data from global funds tracker EPFR showed there were net inflows in the week to November 13, despite market losses after the initial communiqué on the reforms released late on Tuesday had disappointed.
<h3>FOLLOW THROUGH KEY</h3>
Still, much will depend on how the relevant ministries and government agencies follow through on executing the reform blueprint. That will provide clues on the urgency and priorities of the reform program, Goldman Sachs said.
China's health ministry tempered expectations on Saturday that the relaxation of China's one-child policy may eventually see restrictions lifted entirely, suggesting provinces may vary how quickly they implement the latest change. The reform plan increases the number of couples who can have a second child. <ID: nL4N0J1051=""></ID:>
That uncertainty may temper gains for the Chinese dairy and baby goods sectors, whose sales could benefit from an increase in China's birth rate. But for the economy as a whole, some scholars and analysts say the change in the one-child policy is unlikely to do enough to reverse China's shrinking labor pool or convince many women to have more children as living costs rise.
Still, other consumer names, such as white goods retailers and food and beverage producers, will likely be lifted by plans to ease restrictions currently limiting the pace of rural-to-urban migration. Policymakers want to speed up the migration to bolster consumption and services, which they see as the future of the economy after years of investment- and export-led growth.
Limits on migration to China's biggest cities largely remain, suggesting policymakers are eager to spur growth to second-tier cities, especially as rising property prices in first-tier cities are a major concern for the central government.
The reforms pointed to an acceleration of property taxes at "the appropriate time", but did not explicitly mention crimping property demand as a policy priority.
The lingering policy uncertainty could trigger a rotation out of outperformers in the Chinese property sector such as Country Garden &lt;2007.HK&gt; and Shimao Property &lt;0813.HK&gt; into larger rivals, whose share prices have lagged this year, such as China Overseas Land &lt;0688.HK&gt; and China Resources Land &lt;1109.HK&gt;.
Still, Beijing's move to make its urbanization policy more equitable for rural land owners will lead to an acceleration of farmland transfers in 2014 as smallholdings are consolidated, Jefferies analysts Jack Lu and Laban Yu said in a client note.
They said this should benefit agricultural machinery and high-tech farming sectors in the months ahead, such as First Tractor &lt;0038.HK&gt;, Gansu Dunhuang Seed &lt;600354.SS&gt; and Jiangsu Yangnong Chemical &lt;600486.SS&gt;.
A plan to increase the dividends that state-owned enterprises pay to the state will likely be channeled to pay for the expansion of the social security system, analysts said. That could give a further boost to the pharmaceutical and healthcare sectors. China's healthcare sub-index &lt;.CSI300HC&gt; has already risen 20 percent this year.
For state-owned enterprises, which dominate many economic sectors, the impact of the reforms were not clear, analysts said.
Fuel price reforms would encourage small competitors to loosen the state's grip on the energy sector, but giving markets more influence to price energy could mean rising prices, boosting earnings of the likes of state-owned Sinopec Corp &lt;0386.HK&gt; &lt;600028.SS&gt; and Petrochina &lt;0857.HK&gt; &lt;601857.SS&gt;.
Petrochina has already reported a 20 percent rise in third-quarter profit after Beijing hiked gas prices and allowed petrol and diesel pump prices to track international crude costs more closely. <ID: nL4N0J00PT=""></ID:>
<h3>BIG BANKS</h3>
Interest rate liberalization has already narrowed net interest margins for the "big four" state banks and the squeeze looks set to tighten further. China's central bank governor pledged soon after the reforms were announced to "pull out all stops" to deepen financial sector reforms.
The introduction of private banks will increase competition for cash deposits and loan demand. A sub index of offshore Chinese financial listings in Hong Kong &lt;.HSHFI&gt; is down 4.5 percent so far this year, compared with a 1.4 percent loss for the MSCI China &lt;.MSCICN&gt;.
The banking sector is also vulnerable in the short term to a sharp rise in onshore money market rates amid a tightening of money supply. The central bank signaled earlier this month that it would rein in money supply growth.
On the other hand, non-banking financials, such as brokerages and insurers, will stand to gain from moves to deepen China's capital markets. The reforms included making it easier for firms to launch initial public offerings, which have been suspended in mainland markets for more than a year.
(Corrects reference in paragraph eight to EPFR)
(Editing by Neil Fullick)

China's 'Big Four' Banks Are The Losers Of Sweeping New Reforms

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Zach Gibson/Getty ImagesDonald Trump and Paul Ryan</div></div></div>The group behind a brutal review of President Donald Trump and Republican leaders' framework for tax reform hit back at suggestions their study amounted to "propaganda." <a href="http://www.businessinsider.com/trump-tax-reform-plan-analysis-study-rich-rates-2017-9">The analysis from the Urban-Brookings Tax Policy Center</a> found that the plan would disproportionately benefit wealthier Americans and could end up increasing the tax bills of many middle-class Americans.Following the report's release, <a href="http://www.businessinsider.com/trump-tax-reform-plan-policy-center-study-tpc-2017-10">Republicans in both the House and Senate have attacked</a> the report, calling it skewed and incomplete since it did not analyze actual legislation - just an outline. "Their analysis was a work of fiction that Stephen King would've been proud of," Rep. Kevin Brady, chairman of the House Ways and Means Committee, told Fox News radio.Mark Mazur, a director at the Tax Policy Center, defended the analysis to Business Insider in an interview on Wednesday.Mazur said the TPC decided to come out with analysis at the early stage because "there is a demand for information on the unified framework" and the goal of the TPC is to help provide as much information as possible. He said TPC researchers were careful to base all assumptions on existing ideas from the GOP leadership."Obviously, there weren't all the details there, but we used the House Republican leadership 'Better Way' tax plan and elements of the Trump administrations proposal to fill in the blanks," Mazur said, referring to the plan that has been proposed by House Speaker Paul Ryan.Even with the assumptions, Mazur argued that the broad thrust of the report was correct."Where we came out on the results - that the tax plan as it stands right now would lose a lot of revenue and have the benefits tilted toward high-income taxpayers - those are directionally correct," Mazur said. "And I have not seen any serious dispute of that fact."As Mazur noted, both the left-leaning <a href="https://www.cbpp.org/research/federal-tax/senate-republicans-take-big-first-step-towards-15-trillion-revenue-losing-tax">Center for Budget and Policy Priorities</a> and <a href="https://itep.org/trumpgopplan/">the Institute on Taxation and Economic Policy</a> have come to similar conclusions as the TPC in their own analyses.Republicans also attacked the TPC and Urban Institute as fundamentally biased."It's very predictable coming from this group," Ryan said, referring to the TPC. "I think the Wall Street Journal got this right when they said this is an anti-reform, propaganda group. It's anti-tax reform."Mazur pushed back on those assertions."First, Tax Policy Center has been scrupulously nonpartisan for a number of years, since it was founded in 2002," Mazur said. "Second, we're all in favor of doing real tax reform that makes the tax system more efficient, fairer, and simpler. And what we did in this analysis is point out some areas where the framework may have fallen short in those areas." Mazur said he has not been contacted by any member of the GOP lawmakers or their staff, but would be open to discussing the proposal with those leaders. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/who-north-korea-dictator-kim-jong-un-wife-ri-sol-ju-military-defense-politics-hermit-kingdom-pyongyang-2017-9">The mysterious life of the wife of North Korean leader Kim Jong Un</a></h3> <div> </div> </div>

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