China Economic News

CNC
Added On October 8, 2019

INTRO
 
Now let's take a look at some economic news from China.
 
PKG
 
SUBTITLE 1: CHINA'S FOREX RESERVES STAND AT 3.0924 TRLN USD
 
According to the State Administration of Foreign Exchange, China's foreign exchange reserves came in at around 3.09 trillion U.S. dollars at the end of September.
 
The amount increased by 19.7 billion U.S. dollars, or 0.6 percent from the beginning of 2019.
 
   
 
A spokesperson for the administration said that the scale of forex reserves are affected by mulitiple factors including exchange rates and changes in asset prices.
 
   
 
According to the spokesperson, since the beginning of the year, Chinese economy, despite complex global situation, has maintained overall stability and posted stable growth with an improved economic structure.
 
   
 
SUBTITLE 2: CHINA'S INFRASTRUCTURE INVESTMENT REPORTS FASTER GROWTH
 
According to the National Bureau of Statistics, or NBS, China's infrastructure investment rose 4.2 percent year on year in the first eight months of 2019.
 
   
 
The investment in ecological protection and environmental treatment increased by 42.2 percent year on year. 
 
   
 
The investment in road transportation and railway transportation went up 7.7 percent and 11 percent year on year, respectively.  
 
   
 
During the same period, the investment in the social sector, including education, culture, sports and entertainment, increased by 13.8 percent from a year ago. 
 
SUBTITLE 3: CDB ISSUES 20 BLN USD LOANS FOR POVERTY RELIEF
 
China Development Bank, or CDB, has issued 142.9 billion yuan, or about 20 billion U.S. dollars of loans to support poverty relief efforts in the first eight months of this year.
   
 
The bank's total outstanding loans for poverty alleviation reached 1.17 trillion yuan by the end of August. It plans to issue loans worth 300 billion yuan for targeted poverty relief this year. 
 
   
 
Founded in 1994, the CDB is designed to provide finance to major national projects and development strategies. It has stepped up support for the country's battle against poverty, which is one of the "three tough battles" that the country must win to build a moderately prosperous society in all respects by 2020.