Saudi MAWANI Adopts Regulations in line with Commercial Maritime System

MAWANI seeks to achieve the goals of the national economic vision and make the Kingdom a leading international maritime hub. (SPA)
MAWANI seeks to achieve the goals of the national economic vision and make the Kingdom a leading international maritime hub. (SPA)
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Saudi MAWANI Adopts Regulations in line with Commercial Maritime System

MAWANI seeks to achieve the goals of the national economic vision and make the Kingdom a leading international maritime hub. (SPA)
MAWANI seeks to achieve the goals of the national economic vision and make the Kingdom a leading international maritime hub. (SPA)

The Saudi Ports Authority (MAWANI) has revealed a new set of regulations governing the activities of shipping agents in the Kingdom’s maritime sector, which comes in line with the objectives of the National Strategy for Transport and Logistics Services.

The strategy aims at enhancing the services provided by shipping agents, strengthening shipping lines and supporting exporters and the national economy.

The regulations, which comply with the Commercial Maritime Law, will replace all previous versions of the law, and will come into effect on Aug. 5.

MAWANI is implementing an ambitious plan to stimulate exports and imports and meet the requirements of national development, by providing an effective and integrated port network.

The Authority seeks to achieve the goals of the national economic vision and make the Kingdom a leading international maritime hub.

In a press release, MAWANI said that the new regulations include key performance indicators that will assess shipping agents. They will also set the general rules that govern the requirements and procedures for obtaining licenses and permits, and regulate the contractual relationship between the shipping agent and other concerned parties.

Meanwhile, the Transport General Authority, represented by the General Administration of Control and in cooperation with the concerned authorities, carried out 181,000 inspection operations in July, on land and sea transport activities.

The field control revealed that during the month of May, compliance with land transport regulations reached 91 percent, while compliance with maritime transport regulations reached 99 percent.

The authority monitored more than 19,000 violations during the field campaign, while the automated monitoring operations recorded 22,900 violations in the Riyadh region.



China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)
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China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)

Chinese lawmakers are deliberating a draft of the country's first basic law specifically focused on the development of the private sector, the country’s Xinhua news agency reported.

“The law will be conducive to creating a law-based environment that is favorable to the growth of all economic sectors, including the private sector,” said Justice Minister He Rong, while explaining the draft on Saturday during the ongoing session of the Standing Committee of the National People's Congress, the national legislature.

The draft private sector promotion law covers areas such as fair competition, investment and financing environments, scientific and technological innovation, regulatory guidance, service support, rights and interests protection and legal liabilities.

The draft has incorporated suggestions solicited from representatives of the private sector, experts, scholars and the general public, the minister said.

China left its benchmark lending rates unchanged as expected at the monthly fixing on Friday.

Persistent deflationary pressure and tepid credit demand call for more stimulus to aid the broad economy, but narrowing interest margin on the back of fast falling yields and a weakening yuan limit the scope for immediate monetary easing.

The one-year loan prime rate (LPR) was kept at 3.10%, while the five-year LPR was unchanged at 3.60%.

In a Reuters poll of 27 market participants conducted this week, all respondents expected both rates to stay unchanged.

Morgan Stanley said in a note that the 2025 budget deficit and mix are more positive than expected and suggest Beijing is willing to set a high growth target and record fiscal budget to boost market confidence, but further policy details are unlikely before March.

Last Friday, data released by the country's central bank said total assets of China's financial institutions had risen to 489.15 trillion yuan (about $68.03 trillion) by the end of third quarter this year.

The figure represented a year-on-year increase of 8%, said the People's Bank of China.

Of the total, the assets of the banking sector reached 439.52 trillion yuan, up 7.3% year on year, while the assets of securities institutions rose 8.7% year on year to 14.64 trillion yuan.

The insurance sector's assets jumped 18.3% year on year to 35 trillion yuan, the data showed.

The liabilities of the financial institutions totaled 446.51 trillion yuan, up 8% year on year, according to the central bank.

Separately, data released by the National Energy Administration on Thursday showed that China's electricity consumption, a key barometer of economic activity, rose by 7.1% year on year in the first 11months of the year.

During the period, power consumption of the country's primary industries increased by 6.8% year on year, while that of its secondary and tertiary sectors rose by 5.3% and 10.4%, respectively.

Residential power usage saw strong growth of 11.6% during this period, the administration said.

In November alone, power usage climbed 2.8% from one year earlier, according to the data.