Quotable

"In China there is no entrenched culture of buying wealth management products, traditionally targeting high net-worth investors and portfolio managers. Ant's idea of forging a virtual community also rides the next trend of attracting and retaining younger-generation customers, who are used to dealing with financial matters online."

Ye Tan, a veteran financial commentator China Ant Financial Services Group announced on June 14 that it will allow third-party financial institutions to set up virtual shops through an indigenous app, another push for supremacy in the country's booming online financial sector.

"It has significant meaning for the construction of the Liaoning Pilot Free Trade Zone, the revitalization of the old industrial base in Northeast China and the Belt and Road Initiative."

Liu Bin, an economist with Dalian Maritime University Liaoning province in Northeast China will form a new company to run its ports, and State-owned China Merchants Group will purchase a controlling stake, in the latest example of the government's intensified efforts to integrate the nation's ports and increase their efficiency.

"Infrastructure has seen 18.21 percent in investment growth in April year-on-year. ... Rising excavator sales can be seen as a sign that the mechanical engineering industry is healthy."

Wang Huajun, an analyst at Zhongtai Securities, pointed out in an infrastructure report that expanding domestic demand has stimulated sales.

(China Daily Africa Weekly 06/16/2017 page24)