A new Macro-Prudential Management Department has been set up to replace the original Monetary Policy Department. Photo: Supplied

The People’s Bank of China (PBOC) has pledged to ensure that newly added financing flows will focus on the manufacturing sector and medium, small and micro firms.

The monetary policy is forward-looking, precise and timely, the central bank said after a meeting of its monetary policy committee on Monday.

It said the policy strongly supports epidemic prevention and control measures, the resumption of work and production, as well as the development of the real economy. Monetary policy should be more flexible and targeted, it said.

It called for a higher level of opening-up in the financial sector, as well as a balance between stabilizing growth and preventing risks. It also urged efforts to ensure the delivery of monetary policy instruments introduced to channel funds directly into the real economy.

Five-year plan

China must step up moves to deepen reform and opening-up of economic and social development during the period of the 14th Five-Year Plan (2021-25), a key Party meeting decided on Monday.

The Political Bureau of the Communist Party of China (CPC) Central Committee decided that the Fifth Plenary Session of the 19th CPC Central Committee will be held from October 26 to 29.

Participants underscored the importance of upholding Party leadership, improving socialism with Chinese characteristics and strengthening the ability to implement new development concepts to boost the economy and society in the coming five-year period.

Hainan free trade port

The free trade port in South China’s Hainan province launched its first inter-continental shipping line linking the port with Australia and other Asia-Pacific countries.

The Yangpu-South Pacific-Australia route will connect ports in China, the Philippines, Papua New Guinea and Australia, according to authorities in Hainan’s Yangpu Economic Development Zone. At present, two ships with a total of 1,740 containers have been put into operation on the route.

Officials said the new line will facilitate trades of coconut, beef, minerals, logs and consumer products between China and South Pacific countries.

Chinese authorities on June 1 released a master plan for the Hainan free trade port, aiming to build the southern island province into a globally influential high-level free trade port by the middle of the century.

Top 500 enterprises

China on Monday published the 2020 list of the top 500 Chinese enterprises, showing improved performances and increased research and development spending from the listed companies.

The list, issued by the China Enterprise Confederation and China Enterprise Directors Association for the 19th year, showed that the firms’ combined net profits had risen 10.2% year-on-year.

Combined revenues of the top 500 firms hit 86.02 trillion yuan (US$12.6 trillion) in 2019, up 8.75% year-on-year.

The China Petrochemical Corp topped the list, with revenues of 2.81 trillion yuan. It was followed by the State Grid Corp of China and the China National Petroleum Corp, which raked in 2.65 trillion yuan and 2.62 trillion yuan, respectively.

Among the 500 firms, 431 reported R&D data. Their combined R&D spending totaled 1.08 trillion yuan, with the ratio of R&D expenditure to operating revenues rising to a historic high of 1.61%.

Company news

Geely Automobile Holdings, a Hong Kong-listed company, said Monday it had received an approval from the listing committee of the Shanghai Stock Exchange Science and Technology Innovation Board, or STAR market, to get listed on the so-called China’s Nasdaq market.

The company spent 28 days for its listing application to be approved by the listing committee of the STAR market, compared with Ant Group’s 25 days and Semiconductor Manufacturing International Corporation’s 19 days.

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

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