Briefly

Power consumption up by 3.1% last year

China's electricity consumption, a key barometer of economic activity, grew steadily in 2020. Total power use in China rose 3.1 percent on a yearly basis to 7.5 trillion kilowatt hours in 2020, data from the National Energy Administration showed. Power consumption by the primary, secondary and tertiary industries climbed 10.2 percent, 2.5 percent and 1.9 percent, respectively, from a year earlier, the NEA said. The country added 13.23 million kilowatts of hydropower capacity in 2020, while the newly installed capacity of wind and solar power increased by 71.67 million kW and 48.2 million kW, respectively.

Non-bank payment firms face tighter rules

The People's Bank of China, the central bank, issued a draft regulation on non-bank payment institutions for public opinion on Wednesday. Under the regulations, the PBOC can ask the anti-monopoly law enforcement agency of the State Council to ban any payment company which abuses its market monopoly position. The central bank can also propose to split the company's businesses if it breaks the rules of fair competition. Nonbank payment companies are also required to set aside certain funds in the central bank or designated commercial banks as per the prudent regulatory requirements.

China Daily - Xinhua