China is slowly getting back to business. Photo: China Daily.

Total assets of China’s financial institutions grew 8.6% to 318.69 trillion yuan (US$45.53 trillion) at the end of last year from a year earlier, according to the People’s Bank of China.

Total assets of banking institutions increased 8.1% to 290 trillion yuan, while total assets of securities firms surged 16.6% to 8.12 trillion yuan. Total assets of insurance companies rose 12.2% to 20.56 trillion yuan.

Blockchain index

Xinhua Finance and JD Digits launched the Xinhua Jingdong Blockchain Index on Monday. With JD Digits’ artificial intelligence technology, the index will include the listed blockchain companies that see relatively low market attention, less speculation but high investment potential.

The index is now managed by Xinhua Index (Beijing) Co, Ltd. Its base date is August 31, 2016, with an initial value of 1,000 points.

Interest rate options

China Foreign Exchange Trade System & National Interbank Funding Center commenced a trial run of its interest rate option business on Monday. Industrial Bank and some other institutions reached a foreign exchange interest rate option agreement linked to loan prime rate. Industrial Bank also reached some renminbi interest rate option agreements with other firms.

Company news

China Unicom said its net profit increased by 22.1% to 4.98 billion yuan for the year ended December 31, 2019, from a year ago. Revenue grew 0.3% to 264.4 billion yuan. The company’s capital expenditure on 5G business will reach 35 billion yuan for 2020. The number of its 5G consumers will grow rapidly in the second half of this year.

Newlink Group, an information technology service provider for energy firms, has signed an agreement with the local government in Siming district, Xiamen, to provide its services to several power-related projects in the district. It expects to receive up to US$100 million from these projects in the next five years. The company will also provide its services in Qingdao and Rizhao in Shandong province.

It is necessary to speed up the development of new infrastructure projects in order to promote the digital economy and industry upgrade in China, according to a commentary published by the People’s Daily on Tuesday. The mission has become increasingly important amid the epidemic situation.

New infrastructure can help stabilize investment, increase domestic demand and stimulate economic growth. It can also promote structural reform and improve the quality of the Chinese economy.

The story was written by Xu Jiangshan and Wang Xiaohan and first published at ATimesCN.com.