Digital push to help revitalize economy
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.