Briefly

Urban railway on fast construction track

Hefei, capital of Anhui province, will see a giant leap in its urban metro system development as State builders are helping link two major transportation hubs — Xinqiao International Airport and the new Hefei West Railway Station. China Railway 24th Bureau Group Corp said its team working on the first bid of the airport urban line S1 has completed casting for the first continuous beam. After completion, the line will enable trips journeying at 120 kilometers per hour between the two hubs, and facilitate integrated development of the city cluster that Hefei is part of, CR24 said.

Yili's Jan-Sept net profit up 16.36%

Net profit of Chinese dairy giant Yili Industrial Group Co Ltd surged 16.36 percent year-on-year to 9.38 billion yuan ($1.31 billion) in the first nine months, the company said in its financial report. It generated revenue of 97.09 billion yuan, up 3.84 percent. Sales volume growth, raw material price declines, and lower management and marketing expenses in the third quarter contributed to the surging bottom line. In the January-September period, the liquid milk business contributed 65.43 billion yuan in revenue, while milk powder and dairy products earned 19.92 billion yuan.

Household solar power tops 100m kW

China's installed capacity of distributed photovoltaic power generated by households reached about 105 million kilowatts by the end of September, covering more than 5 million households in the country's rural areas, data from the National Energy Administration showed on Tuesday. In recent years, China's distributed solar power generated by households has developed rapidly, the NEA said, adding that this has played a vital role in ensuring the safe and reliable supply of electricity, promoting the green transformation of energy as well as driving the growth of farmers' incomes.

PBOC adds liquidity via reverse repos

China's central bank conducted 424 billion yuan ($59.08 billion) of seven-day reverse repos at an interest rate of 1.8 percent on Tuesday. The move aims to keep liquidity in the banking system reasonable and ample, the People's Bank of China said in a statement. 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.

Xinhua - China Daily