Briefly

PBOC adds liquidity via reverse repos

China's central bank continued to inject funds into the financial system through open market operations on Thursday. The People's Bank of China said it has conducted 2 billion yuan ($281.83 million) of seven-day reverse repos at an interest rate of 2 percent. The move is aimed at keeping liquidity reasonable and ample in the banking system, the central bank said.

Construction begins at tire factory project

Cooper Tire & Rubber Co, a subsidiary of US tire giant Goodyear Tire &Rubber Co, on Wednesday started construction of the second phase of its factory in Kunshan of East China's Jiangsu province. Once completed, the new project, valued at $200 million, is expected to produce 2.6 million radial tires for passenger vehicles every year. This will bring the total annual output value of Cooper's Kunshan company to over 2 billion yuan. A high-standard green workshop will be built to produce tires entirely made of recyclable materials, which is expected to help Cooper slash the emission of greenhouse gases.

Waterway freight volume up

China's waterways cargo transport expanded steadily in April, with total freight volume jumping 12.4 percent year-on-year, official data showed. A total of 780 million metric tons of cargo were transported through waterways in the country last month, according to the Ministry of Transport. During the first four months of the year, China's waterways handled 2.82 billion tons of cargo, up 7.3 percent from the same period last year.

Courier sector handles more parcels

As of May 31, China's courier sector saw its delivery volume exceed 50 billion parcels so far this year, mirroring the country's economic vitality, according to the State Post Bureau. The milestone was achieved 155 days earlier than in 2019, prior to the outbreak of the COVID-19 pandemic. The figure was also achieved 27 days earlier than in 2022, data from the SPB showed.

Xinhua - China Daily