Briefly

Debt risks in check, assures regulator

China has prudently dealt with risks associated with local government debt and some large and medium-sized corporate debt, regulatory officials said on Friday. Incremental risks of local government hidden debt have been brought under control while existing risks are being resolved in an orderly manner. Corporate debt risks associated with some large and medium-sized enterprises were steadily dissolved, said officials of the China Banking and Insurance Regulatory Commission. The regulator also guided banking institutions to mitigate shadow banking risks. As of the end of the first half, China's shadow banking sector had shrunk by nearly 29 trillion yuan ($4.07 trillion) from its historical high.

Convention attracts manufacturing capital

East China's Anhui province ended the four-day 2022 World Manufacturing Convention on Friday in Hefei, the provincial capital, helping win 568 deals with a total investment of 367.7 billion yuan ($53.2 billion). During the past four WMCs, 2,455 contracts involving a total investment of 2.38 trillion yuan have been signed in Anhui, whose added value for the manufacturing industry exceeded 1 trillion yuan in 2020, making it one of the top 10 manufacturing provinces in China. The total added value of China's manufacturing reached 31.4 trillion yuan in 2021.

LNG storage base's key structure completed

The main structure of China's largest liquefied natural gas (LNG) storage base was completed on Thursday in East China's Jiangsu province as the last super-sized storage tank was set up. Located in the city of Yancheng, the base boasts a total storage capacity of 2.5 million cubic meters, with six LNG storage tanks each having a capacity of 270,000 cubic meters and the remaining four holding 220,000 cubic meters each.

7th China-Eurasia Expo concludes

The seventh China-Eurasia Expo concluded on Thursday in Urumqi, capital of Northwest China's Xinjiang Uygur autonomous region, reporting fruitful cooperation outcomes, according to its organizers. The expo gathered 864 enterprises from home and abroad at its offline events, with 3,597 companies from 32 countries and regions participating online.

Consumption market expands rapidly

China's consumer market has logged rapid development in the last decade, with its structure becoming more balanced and new business forms gaining steam, an official report showed. Retail sales of consumer goods, a major indicator of the country's consumption strength, hit a record high of 44 trillion yuan ($6.3 trillion) in 2021, 2.1 times the figure in 2012, according to the report, which was released by the National Bureau of Statistics. China has kept up its economic expansion, leading to the steady growth of personal incomes, the report said.

Xinhua - China Daily