China central bank skips reverse repos

China Bank transfers 100b yuan to businesses

The People's Bank of China (PBOC), the country's central bank, skipped reverse repos Monday.

As rising fiscal expenditure near the end of the year kept the banking system liquidity at a high level, reverse repos were skipped, the PBOC said on its website.

A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding with an agreement to sell them back in the future.

The country will continue to implement a proactive fiscal policy and prudent monetary policy, according to the annual Central Economic Work Conference held this month. The quality and effect of the fiscal policy must be enhanced with more efforts on structural adjustment, while the monetary policy should be pursued with moderate flexibility to maintain market liquidity at a reasonably ample level, said the statement released after the conference.

China achieved notable progress in ensuring stable foreign direct investment (FDI) inflow this year thanks to a combination of new policies and measures, Commerce Minister Zhong Shan said. In the first 11 months, the number of foreign-funded projects with investment of at least 100 million U.S. dollars reached 722, up 15.5 percent year on year, Zhong said at a work

BEIJING: The China Development Bank (CDB), a major policy bank has so far transferred 100 billion yuan (about 14.29 billion U.S. dollars) of loans this year to boost the development of small and micro firms and spur industrial growth in poverty-stricken areas.

Since the beginning of this year, the loans have been channeled to 322 banks, benefiting more than 120,000 small and micro-sized firms. Of the total, loans worth 10.5 billion yuan have reached some 100 impoverished counties and helped lift tens of thousands of people out of poverty.

The CDB will continue to give full play to the vital role of development finance institutions and provide high-quality and effective financing services for real economy.

conference in Beijing.

Earlier data from the Ministry of Commerce showed a total of 36,747 new foreignfunded enterprises were established during the JanuaryNovember period, while FDI into the Chinese mainland expanded six percent year on year to 845.9 billion yuan.

Ensuring stable foreign investment has been a key task of China's six-plank campaign to counter downward economic pressure, which also underscores work on stabilizing employment, financial sector, foreign trade, domestic investment and expectations.

Since the beginning of this year, China has passed a landmark foreign investment law and a new regulation to optimize business environment, shortened the negative list for foreign investment and amended the industry catalogue for foreign investors.

According to the year

end Central Economic Work Conference that charted course for China's economy in 2020, the country's opening up will continue to develop on a larger scale and at a deeper level and foreign investment will be facilitated and better protected. China will also further shorten the negative list for foreign investment and lower the overall tariff level.

The annual turnover of China's takeout industry is expected to reach 603.5 billion yuan (about 86.07 billion U.S. dollars) in 2019, said a report released by Meituan Research Institute and the China Hospitality Association. With digitalization being one of the trends of China's takeout business, a more mature and diversified service system has formed in the past five years, said Wang Puzhong, senior vice president of Meituan, one of China's biggest takeout platform.