China’s coal-rich province to close 18 collieries in 2017

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North China’s Shanxi Province will close down 18 collieries and cut 17 million tonnes of coal production capacity this year, local authorities said.

The mines across 11 counties, include nine that produce at least 900,000 tonnes annually, according to the province’s leading group for cutting steel and coal overcapacity.

Last year, Shanxi reduced 23 million tonnes of coal capacity and shut down 25 coal mines.

With a quarter of China’s proven coal reserves, Shanxi aims to limit the number of its mines to 900 by 2020, with an average production capacity of 1.8 million tonnes annually.

Shanxi set its economic growth target at 5.5 percent this year.

China to enhance CPC leadership in cultural organizations

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Central authorities have called for enhancement of cultural organizations by the Communist Party of China (CPC) leadership, according to a guideline released Thursday.

The guideline, issued by the general offices of the CPC Central Committee and the State Council, pointed out that overall development of cultural organizations lacks vitality, with some organizations weak in CPC leadership or internal management, and some unclear about their responsibilities.

CPC leadership in cultural organizations should be strengthened and improved, and innovations should be made in management and operation systems to raise efficiency, the guideline stated.

The management system should be under the leadership of the CPC and supervised by the government. Different levels of the system should take different responsibilities and coordinate with each other, the guideline stated.

The system should have a clear structure, efficient services and proper management in order to better serve cultural institutions and workers.

“CPC leadership should be enhanced in political, ideological and organization aspects,” the guideline reads.

As a bridge that connects the Party and the government with the market and society, cultural organizations are responsible for delivering messages from the Party and the government and implementing their decisions.

According to the guideline, cultural organizations are welcome to participate in making regulations, industrial standards and criteria, in talent evaluation, and in providing consulting services.

Cultural organizations should promote entrepreneurship among the people and the transformation of the cultural industry. They should hold more activities such as training, seminars and expositions.

The guideline also said that self-discipline and credibility should be promoted among cultural organizations. Institutions of press, publication and media can set up morality committees, while Internet cultural organizations are encouraged to do their part in cyberspace control and management.

The CPC leadership should cover and be fully displayed in all cultural organizations.

Improvement should be made in fiscal, auditing and asset management systems as well as websites sponsored by cultural organizations and other online media channels, according to the guideline.

Cultural organizations are banned from cooperation with overseas organizations or individuals that endanger national security and interests. Activities held by overseas organizations in China must be managed according to law.

Leaders and cadres of the Party are not allowed to hold posts in cultural organizations before retirement or establish cultural organizations without approval, the guideline stated.

ESMA Meet-the-Market Workshop on the European Single Electronic Format

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On Tuesday 6 June 2017, ESMA will hold a workshop on the European Single Electronic Format.  This workshop is organised in the context of Eurofiling XBRL week and is open to the interested public, free of charge.

The European Securities and Markets Authority (ESMA) is drafting a regulatory technical standard (RTS) specifying an European Single Electronic Format (ESEF) in which annual financial reports have to be prepared. ESMA published in December 2016 a Feedback Statement on its consultation that sets out the general approach and is currently working on the detailed technical specifications.

In this context, the objective of the workshop is to inform participants about the current considerations regarding the detailed technical specifications as well as to provide them with an opportunity to comment on the working draft of the regulatory extension taxonomy and the filing rules.

Target audience

This workshop is addressed to financial reporting and IT experts from filers, regulators, consulting and software firms. Considering the technical nature of the content, participants should have knowledge in XBRL/Inline XBRL.

Registration and further information

Eurofiling XBRL week is taking place in the ECB headquarters in Frankfurt. Full details are available in the Invitation, and interested parties can register at http://eurofiling.info/2017/. Registration is open until 26 May, however please note that the capacity of the meeting room is limited and ESMA therefore cannot guarantee participation.