The C919 is a jet plane being built by the Commercial Aircraft Corporation of China. Photo: Xinhua

The first Shanghai International Commercial Aerospace Exhibition will be held in the East China municipality in September, according to the organizing committee.

The exhibition will take place between September 15 and 19 at Shanghai Hongqiao International Airport and biennially thereafter. It will feature an aeroengine forum, a superalloy industry summit, a commercial aircraft conference, a commercial aerospace financial and technological symposium and a business-matching workshop for small aerospace enterprises in the Yangtze River Delta.

Educational activities will be arranged for the public to promote aviation and space knowledge, said the organizing committee. Commercial aircraft and spacecraft will be on display at the airport during the exhibition, it added.

The organizing committee said the new exhibition will replace the China Aviation Expo, popularly known as the Beijing Airshow, which was founded in 1984 as the nation’s first aviation expo. The last China Aviation Expo, the 18th of its kind, was held at the China National Convention Center in Beijing in September 2019.

Home prices

Although the Covid-19 pandemic sprang an unpleasant, unprecedented and unexpected surprise on China’s residential property market last year, a combination of factors will likely ensure the situation will improve beyond expectations this year, industry experts said.

Nationwide, investment in residential properties rose 7.6% year-on-year to reach 10.44 trillion yuan (US$1.61 trillion) in 2020, data from the National Bureau of Statistics showed. Housing market analysts projected that the nation’s new home transaction volume reached 15 trillion yuan last year, up about 8% from the previous year.

The nation’s 70 major cities tracked by the NBS reported a stable month-on-month growth of 0.1% in new home prices in December. In 42 of the 70 cities, new home prices grew December from November.

Drug purchases

The national drug bulk-buy program initiated in late 2018 is estimated to have saved patients 106 billion yuan ($16.6 billion) by the end of last year, and the country is planning to implement the system on a regular basis, said Chen Jinfu, deputy head of the National Healthcare Security Administration.

After three rounds of price negotiations with drug manufacturers and centralized procurement campaigns, 112 types of drugs were selected and their prices fell by an average of 54%.

“The average price of these drugs used to be two to three times higher than global levels. Now, it has dropped to roughly the same level,” Chen said.

In addition to the nationwide program, local authorities have launched 20 rounds of provincial-level bulk-buy programs, covering nearly 260 types of medications. Regional combined procurements are expected to yield savings of 24 billion yuan a year, he added.

Market liquidity

The People’s Bank of China (PBoC), the country’s central bank, on Tuesday conducted 80 billion yuan ($12.36 billion) of reverse repos to maintain reasonably ample liquidity in the banking system.

The interest rate for the seven-day reverse repos was set at 2.2%, according to a statement on the website of the People’s Bank of China. With 2 billion yuan of reverse repos maturing on the same day, the move led to a net liquidity injection of 78 billion yuan into the market.

A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.

The PBoC has pledged to make its prudent monetary policy more targeted and flexible to adapt better to the needs of high-quality development and put more focus on the efficiency of financial services to support the real economy.

Company news

Ping An Bank, a Shenzhen-listed lender controlled by Ping An Insurance, said its net profit rose 2.6% to 28.9 billion yuan in 2020 from a year ago. Revenue grew 11.3% to 153.5 billion yuan. By the end of 2020, the bank’s non-performing loan ratio stood at 1.18%, down by 0.47 percentage points from a year earlier.

Its total assets had reached nearly 4.47 trillion yuan by the end of December, up 13.4% from the end of 2019.

China Audio-video Copyright Association made an announcement on Monday demanding short video app Kuaishou remove 10,000 video clips on the platform that are subject to copyright infringement.

“The association recently commissioned the 12426 Copyright Monitoring Center to monitor audio products that are managed by the association but used by Kuaishou without permission and found that about 155 million videos on Kuaishou infringed our copyright,” the association said in a statement on its website.

To maintain the interests of its members, the association has notified Kuaishou on Monday to remove the first batch of 10,000 videos that are involved in copyright infringement and has asked the internet platform to stop infringement and to check the copyright of background music for its videos.

The story was compiled by Nadeem Xu and KoKo and first published at ATimesCN.com.