Dig­i­tal push to help re­vi­tal­ize econ­omy

China Daily European Weekly - - Business - PBOC con­tin­ues to drain liq­uid­ity Surge in high-tech in­vest­ment plans Shan­dong Gold joins WGC board Au­to­mo­bile in­dus­try to re­main buoy­ant Shang­hai Air­lines gets Dream­liner S. Africa busi­ness fair tar­gets op­por­tu­ni­ties BMW to re­call more than 7,800 cars in

China will boost the de­vel­op­ment of the dig­i­tal econ­omy as part of ef­forts to sta­bi­lize em­ploy­ment, ac­cord­ing to a guide­line is­sued by the na­tion’s top eco­nomic reg­u­la­tor. The cen­tral gov­ern­ment will pro­mote the dig­i­tal trans­for­ma­tion of tra­di­tional sec­tors, with more work­ers switch­ing their jobs to emerg­ing sec­tors, the Na­tional De­vel­op­ment and Re­form Com­mis­sion said on Sept 26. The au­thor­i­ties will step up fi­nan­cial sup­port to boost the de­vel­op­ment of the dig­i­tal econ­omy, such as big data and ar­ti­fi­cial in­tel­li­gence, and give more pol­icy sup­port to en­cour­age pri­vate eq­uity and ven­ture cap­i­tal funds to in­vest in re­lated in­dus­tries, ac­cord­ing to the guide­line. The Peo­ple’s Bank of China, the cen­tral bank, drained 40 bil­lion yuan ($5.8 bil­lion; 4.9 bil­lion euros; £4.4 bil­lion) from the fi­nan­cial sys­tem on Sept 26, with the vol­ume of ma­tur­ing se­cu­ri­ties ex­ceed­ing new in­jec­tions. The PBOC didn’t pump any money into the mar­ket through open mar­ket op­er­a­tions, while 40 bil­lion yuan of se­cu­ri­ties ma­tured on Sept 26, lead­ing to a net with­drawal of 40 bil­lion yuan. It was the fourth con­sec­u­tive work­ing day with liq­uid­ity drains in the fi­nan­cial sys­tem. The PBOC said the liq­uid­ity level in the bank­ing sys­tem was at a rel­a­tively high level, which can off­set the im­pact of ma­tur­ing se­cu­ri­ties. In­tended in­vest­ment in China’s high-tech sec­tors saw strong growth in the first eight months of 2018, data showed. From Jan­uary to Au­gust, new in­tended in­vest­ment in such sec­tors surged by 69.6 per­cent year-on-year, the Na­tional De­vel­op­ment and Re­form Com­mis­sion said in a re­port, cit­ing data from an on­line plat­form. The elec­tronic and in­for­ma­tion sec­tor wit­nessed a surge of 133.9 per­cent in in­tended in­vest­ment, fol­lowed by 89.9 per­cent for the new en­ergy sec­tor and 68 per­cent for the new ma­te­ri­als sec­tor. The high-end equip­ment man­u­fac­tur­ing sec­tor saw in­tended in­vest­ment rise by 29.1 per­cent, while that of the en­vi­ron­men­tal pro­tec­tion sec­tor rose by 23.4 per­cent and biotech­nol­ogy by 8.8 per­cent, the re­port said. Shan­dong Gold Group was ac­cepted as the 25th board mem­ber of the World Gold Coun­cil on Sept 24. The Lon­don-based global or­ga­ni­za­tion said Shan­dong Gold Group, which is listed on the Shang­hai Stock Ex­change, is one of the largest gold pro­duc­ers in China and is ac­tively com­mit­ted to en­vi­ron­men­tally friendly min­ing. David Har­quail, chair­man of the World Gold Coun­cil, says this move is an im­por­tant step to bet­ter re­flect the shape of the global gold min­ing in­dus­try. The coun­try’s au­to­mo­bile mar­ket is ex­pected to sus­tain steady growth in the sec­ond half of the year, ac­cord­ing to the Min­istry of Com­merce. China’s over­all auto sales were sta­ble in the first eight months of the year, and the trend will con­tinue in the com­ing months. More than 18 mil­lion cars were sold dur­ing the Jan­uary-Au­gust pe­riod, a year-onyear in­crease of 3.5 per­cent, up from 3 per­cent for 2017, ac­cord­ing to the min­istry. US air­craft gi­ant Boe­ing Co has de­liv­ered its first 787-9 Dream­liner pas­sen­ger jet to Shang­hai Air­lines as the Chi­nese car­rier looks to up­grade its re­gional and long-range ser­vice from its base in the me­trop­o­lis. The first 787-9 Dream­liner, bear­ing the num­ber “100” on its fuse­lage, is the 100th air­plane for Shang­hai Air­lines, a sub­sidiary of China Eastern Air­lines. Ac­cord­ing to Boe­ing, the Chi­nese car­rier will re­ceive ad­di­tional 787-9 pas­sen­ger jets in the com­ing years. The China Homelife and China Machinex 2018 kicked off in Jo­han­nes­burg on Sept 26 with more than 600 Chi­nese com­pa­nies seek­ing busi­ness part­ners in African coun­tries. Top Chi­nese man­u­fac­tur­ers and brands are ex­hibit­ing in the three-day fair to look for busi­ness op­por­tu­ni­ties in South Africa and the re­gion. There are more than 750 Chi­nese sup­pli­ers with over 50,000 prod­ucts on dis­play at the fair. One of the or­ga­niz­ers, Me­ori­ent chief op­er­at­ing of­fi­cer Binu Pil­lai, says that last year, more than 6,000 peo­ple at­tended the event. Over 15,000 vis­i­tors are ex­pected this year. Ger­man au­tomaker BMW will re­call more than 7,800 cars in China over de­fects in ex­haust gas re­cir­cu­la­tion sys­tems or fuel pump sys­tems, ac­cord­ing to the coun­try’s mar­ket reg­u­la­tor. BMW China Automotive Trad­ing Ltd will re­call 939 im­ported diesel-pow­ered X5 ve­hi­cles man­u­fac­tured be­tween July 19, 2013, and June 5, 2015, be­gin­ning on Oct 29, ac­cord­ing to a state­ment from the State Ad­min­is­tra­tion for Mar­ket Reg­u­la­tion. De­fec­tive cool­ers on these cars’ EGR sys­tems may cause ab­la­tion or fire, the state­ment said. The com­pany will also re­call 6,912 im­ported Mini Cooper ve­hi­cles pro­duced be­tween Jan 6, 2017, and June 21, 2018, start­ing on Oct 15.

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