Briefly

China sees thriving fuel cell vehicle market

China has seen rapid development of the fuel cell vehicle market in recent years, with the compound annual growth rate of FCV sales reaching 32.3 percent during the 2016-22 period. During the period, about 10,300 such vehicles were sold in China, according to the China Machinery Industry Federation.

PICC reports higher 2022 top, bottom lines

People's Insurance Company Group of China, the nation's leading insurer, registered an increase in revenue and net profit for 2022. The operating revenue of the insurer was 625.8 billion yuan ($91 billion) last year, up 6.9 percent year-on-year. Its net profit expanded 12.2 percent from a year ago to about 34.3 billion yuan, with total assets reaching 1.51 trillion yuan. The insurer continued to optimize its business structure last year, with its investment in high-end manufacturing and green financing totaling 32.6 billion yuan and 65 billion yuan, respectively. In 2023, the insurer will scale up support for rural revitalization, technological innovation and people's livelihoods.

PBOC adds liquidity via reverse repos

China's central bank continued to inject funds into the financial system through open market operations on Wednesday. The People's Bank of China said on its website that it has conducted 200 billion yuan ($29 billion) of seven-day reverse repos at an interest rate of 2 percent. The move is aimed at keeping liquidity stable in the banking system at the end of the current quarter, the PBOC said.

Xinhua - China Daily