BEIJING, June 8 (Xinhua) -- The following are the highlights of China's key business news from the past week:
5G LICENSES
China granted 5G licenses for commercial use, marking the beginning of a new era in the country's telecom industry.
China Telecom, China Mobile, China Unicom and China Broadcasting Network are the first batch of companies that obtained the 5G licenses.
The technology is expected to generate 10.6 trillion yuan (1.54 trillion U.S. dollars) worth of economic output and over 3 million jobs between 2020 and 2025.
DEBT-TO-EQUITY SWAPS
Debt-to-equity swap deals worth 2.3 trillion yuan were signed as of the end of April 2019.
Debt-to-equity swap programs worth 909.5 billion yuan have been implemented, covering 26 industries including steel, coal and transport.
Debt-to-equity swap, which allows creditors to exchange debt for equity stakes so that companies with long-term potential are not forced to default, has proved to be an effective way to cut corporate leverage and improve the capital structure of firms.
CHANGAN FORD FINED
Chinese authorities imposed a fine of 162.8 million yuan on automaker Changan Ford for implementing vertical monopoly agreements.
Since 2013, Changan Ford Automobile Co. has restricted the minimum vehicle resale prices for downstream dealers in Chongqing municipality, violating China's anti-monopoly law.
The fine equaled to 4 percent of the company's 2018 sales in Chongqing in accordance with the anti-monopoly law.
