Briefly

Logistics sector sees steady expansion

China's logistics sector reported steady growth last year, an industry report showed. Social logistics in 2021 rose 9.2 percent year-on-year to 335.2 trillion yuan ($52.6 trillion), said the China Federation of Logistics and Purchasing. The ratio of social logistics cost to GDP was 14.6 percent in 2021, down 0.1 percentage point from the previous year. The total revenue of the logistics industry rose 15.1 percent year-on-year to 11.9 trillion yuan last year.

Central SOEs report growth in January

China's centrally administered State-owned enterprises saw double-digit revenue and profit growth in the first month of the year, according to official data. Net profits of central SOEs expanded 10.2 percent from a year ago to 142.38 billion yuan ($22.36 billion) in January, said the State-owned Assets Supervision and Administration Commission of the State Council. The central SOEs raked in 3 trillion yuan in combined revenue in January, an increase of 12.4 percent year-on-year.

PBOC conducts 10b yuan of reverse repos

China's central bank on Monday conducted 10 billion yuan ($1.57 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.

Automaker FAW reports robust sales

China FAW Group Co Ltd, a leading automobile maker in the country, produced 290,371 complete vehicles and sold 311,508 vehicles in January, the company said on Monday. Its leading sedan brand Hongqi produced 37,758 cars, up 60.9 percent year-on-year, and saw sales up 29.6 percent to 42,158 during the period. Sales of FAW Jiefang, FAW's truck subsidiary, came in at over 28,000, and over 26,000 trucks were produced in January. Last year, FAW Group sold a total of 3.5 million vehicles. The company's operating revenue is expected to reach 770 billion yuan ($121 billion) this year, with an annual growth of 8.9 percent.

Xinhua