Briefly

High-tech firms in Guangdong top 75,000

The total number of high-tech enterprises in South China's Guangdong province has exceeded 75,000, said local authorities. By the end of 2023, the province's estimated annual research and development expenditure topped 460 billion yuan ($64.8 billion), according to statistics revealed at a provincial conference on high-quality development.

PBOC adds liquidity via reverse repos

China's central bank conducted 32 billion yuan ($4.51 billion) of seven-day reverse repos at an interest rate of 1.8 percent on Monday. 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 by which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.

Xinhua - China Daily