A China Telecom sign on a street in Manila. Photo: Twitter

China saw increased trade in knowledge-intensive services in the first seven months of this year, although its total services trade declined amid the Covid-19 epidemic, the Ministry of Commerce (MoC) says.

Trade in these services reached 1.15 trillion yuan from January to July, up 8.9% year-on-year. Knowledge-intensive services rose to 44% of total trade services in the first seven months of this year, up from 34.3% in the same period last year.

Exports of knowledge-intensive services rose 9.7% to 610.3 billion yuan. Imports of knowledge-intensive services grew 8% to 541.04 billion yuan due to the strong growth in financial services and telecommunication, computer and information services.

China’s total trade in services amounted to 2.62 trillion yuan between January and July, down 15.2% year-on-year, said the MoC.

Service exports fell 1.4% to 1.09 trillion yuan while service imports hit 1.53 trillion yuan, down 22.8%. This brought the deficit in such trade down 49.4% to 448.77 billion yuan, or a year-on-year decrease of 438.35 billion yuan.

Market liquidity

China’s central bank Wednesday continued to pump cash into the banking system via reverse repos to maintain liquidity.

The People’s Bank of China injected 20 billion yuan into the market through seven-day reverse repos at an interest rate of 2.2%, according to the central bank.

The move was intended to maintain reasonable and ample liquidity in the banking system, the central bank said.

Dairy industry

The government of North China’s Inner Mongolia Autonomous Region will spend 400 million yuan to promote the development of the region’s dairy industry. It will provide full coverage subsidies for high-quality forage for dairy livestock to improve its supply capacity and quality.

Subsidies will be issued for the collection and storage of whole-plant silage corn, alfalfa hay, and oats in dairy livestock farms, with subsidies of 50 yuan per tonne, said Liu Yongzhi, deputy director of the regional department of agriculture and animal husbandry.

It will also support the construction of dairy livestock provenance bases to improve yield benefits. The region plans to import 20,000 cows of improved breeds with subsidies of 5,000 yuan per cow to increase quality.

Liu added that the region will offer subsidies of 600,000 yuan for each dairy farm and focus on the renovation of breeding facilities and equipment, forage production and processing, and waste resource utilization to promote standardized scale breeding.

The region has more than 1.2 million cows, with an annual output of more than 5.7 million tonnes of milk. Its milk output, the scale of its processing industry and its market share of dairy products all rank first in China. 

Company news

Geely Automobile, a Hong Kong-listed company, said it had submitted the prospectus for listing on the A-share Sci-Tech innovation board, or STAR Market, on Monday.

According to the prospectus, the company plans to raise 20.42 billion yuan by issuing no more than 1.731 billion shares, or 15% of the total number of shares after the issuance.

The raised funds will be used for the company’s core business projects and served as supplementary working capital. The main underwriters are CICC and Huatai Securities.

The stories were written by Xu Jiangshan and first published at ATimesCN.com. They were translated by Nadeem Xu.