Wealth management regulations tightened

China's banking and insurance regulator issued draft rules on banks' cash-related wealth management products on Friday, part of ongoing regulatory efforts to further strengthen regulation of commercial banks' wealth management business to resolve financial risks. The draft rules clarified the definition and regulatory requirement of cash-related wealth management products sold by the country's commercial banks and their wealth management subsidiaries. Friday's rules are a supplementary regulation after the regulator released rules to strengthen regulation of banks' wealth management business in July to prevent shadow banking risks.

Sixth C919 prototype completes test flight

The sixth and last prototype of the C919, China's first home-built narrow-body passenger jet, completed a successful test flight in Shanghai on Friday, marking a milestone in the model's development as it moves to gain airworthiness certification before entering the market. The jet took off at 10:15 am on Friday from Shanghai Pudong International Airport, and flew for two hours and 5 minutes, before returning to the airport. So far, all of the static tests of the C919 have been completed, and its manufacturer Commercial Aircraft Corp of China said it has started manufacturing the first batch of aircraft that are set to be delivered to customers.

Tarim oilfield output increases in 2019

The Tarim oilfield branch of PetroChina, China's largest oil and gas producer, said it has produced more than 28 million tons of oil equivalent of crude oil and natural gas in 2019. The output, which was about 1.76 million tons more than that of 2018, included about 5.67 million tons of crude oil and about 28.05 billion cubic meters of natural gas. The oilfield's output is expected to reach 30 million tons of oil equivalent by 2020 and 36 million tons by 2025, the company said. Located in the Xinjiang Uygur autonomous region, Tarim Basin is one of the most difficult to explore due to its harsh ground environment and complicated underground conditions.