Briefly

Jiangsu reports growth of 8.6% last year

East China's Jiangsu province saw its gross domestic product surpass the 11-trillion-yuan ($1.73 trillion) threshold in 2021. The GDP of the province grew 8.6 percent year-on-year to 11.6 trillion yuan last year, Xu Kunlin, acting governor of Jiangsu, said at the fifth session of the 13th Jiangsu Provincial People's Congress on Thursday. Manufacturing is a pillar industry in the province. The added value of the manufacturing industry accounted for 35.8 percent of Jiangsu's GDP last year, the highest proportion across the country. Per capita disposable incomes grew steadily last year, thanks to the booming economy.

Shanxi's 2021 GDP grows 9.1% to $356b

The 2021 GDP of Shanxi, a major coal-producing province in North China, grew 9.1 percent－1 percentage point higher than that of the whole country－to 2.26 trillion yuan ($356 billion), the ongoing Shanxi Provincial People's Congress was informed on Thursday. This marks the first time that the province's GDP exceeded 2 trillion yuan. As an important energy base in China, Shanxi's coal output reached 1.19 billion tons last year. Shanxi continued to promote the transformation of traditional industries. The installed capacity of new energy and renewable energy reached nearly 39 million kilowatts, accounting for 34.3 percent of the total installed capacity. Shanxi targets economic growth of about 6.5 percent in 2022 and aims to provide job opportunities for 450,000 people in urban areas. Green development will be further promoted in the province and 20 intelligent coal mines are expected to be built in 2022.

Central bank conducts reverse repos

China's central bank on Thursday conducted 100 billion yuan ($15.75 billion) of reverse repos to maintain liquidity in the banking system. The interest rate for the seven-day reverse repos was set at 2.1 percent, according to the People's Bank of China. The move aims to keep the liquidity in the banking system reasonably stable, the central bank said. 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.

Xinhua