China’s State Council launched new measures to stabilize foreign trade and investment after Chinese Premier Li Keqiang chaired a meeting on Tuesday to review the impact of the Covid-19 crisis.
The meeting urged officials to ensure the capital supply for different industries, push forward the resumption of production, make good use of the special re-loan rediscount policy, ensure the supply of anti-epidemic resources and launch relief measures for companies.
At the end of February, M2, a broad measure of money supply, amounted to 203.08 trillion yuan, up 8.8% from a year earlier, the People’s Bank of China said Wednesday.
The growth rate was 0.4 percentage points higher than that at the end of last month and 0.8 percentage points higher than that at the end of February last year. In February, new renminbi loans totaled 905.7 billion yuan, up 19.9 billion yuan from the same period last year.
Manufacturing, property sectors
Revenue generated from the construction machinery industry in China recorded a high at 660 billion yuan (US$94.3 billion) in 2019. China has become a major manufacturer of construction machinery, Xinhua News Agency reported. A lot of China-made machinery products have applied China’s 5G technology.
Local governments have issued intensive support policies for the real estate industry on the supply side and demand side to deal with the impact of the epidemic on the real estate market, according to the Economic Information Daily.
The Country Garden Group announced on March 11 that its wholly-owned subsidiary Country Garden Agriculture had acquired an 80% stake in Huada Agriculture for 300 million yuan (about $43 million), becoming the controlling shareholder of Huada Agriculture.
According to the official websites of the China Securities Regulatory Commission and the Shenzhen Stock Exchange, the central government has appointed Wang Jianjun, 52, as the secretary of the party committee of the CPC of the Shenzhen Stock Exchange.
It means Wang Jianjun will become the stock exchange’s new chairman after a general meeting of the stock exchange is held. Wang has working experience in the securities regulatory system and has been working in the issuance division of the China Securities Regulatory Commission since April 1997.
A-shares performed relatively smoothly on March 11. At the end of the day, the indices of Shanghai and Shenzhen stock markets closed higher, with a net inflow of nearly 3.1 billion yuan ($4.4 billion) from Hong Kong’s northbound funds.
In the context of its increased exposure to the global financial markets, the A-share market has only seen some small fluctuations despite the growing risk aversion and the recent sharp fall in global stock markets, according to a commentary published by The Securities Times.
The strengthening renminbi once again reflected the resilience of China’s financial markets and its relative safety in the current highly volatile market. Renminbi assets are a safe haven for global investors.
Li Guohua, president of China Unicom, announced he would resign from his position as he has reached retirement age. The resignation took effect on March 11.
This article was written by Huang Wanyi and Xu Jiangshan and first published at ATimesCN.com.