Briefly

Shadow banking assets to decline

China's shadow banking assets are expected to continue declining in the first half of this year, according to a report from Fitch Ratings. Systemic risks associated with shadow financing activity have eased, as shadow banking assets were cut by 40 percent from 2017 under the country's strengthened regulations, the report said. It said the move has contributed to the healthy development of nonbank credit intermediation. China's nonbank financing is expected to recover gradually from the second half, as a regulatory crackdown since 2017 has reduced irregular financing activities and contagion risks in the financial system, Fitch said.

Marine economy grows steadily in 2021

China's gross ocean product rose 8.3 percent to over 9 trillion yuan ($1.41 trillion) in 2021, or 8 percent of the country's GDP expansion, according to the Ministry of Natural Resources. The marine transportation sector maintained robust growth, with the cargo and container throughput at coastal ports reporting year-on-year growth of 5.2 percent and 6.4 percent, respectively. The added value of marine biomedicine rose nearly 19 percent year-on-year to more than 49 billion yuan in 2021, thanks to increasing policy support, it said.

Xinhua