Beijing Review – August 15, 2019

6 BEIJING REVIEW AUGUST 15, 2019 http://www.bjreview.com

THIS WEEKECONOMY

Robust Investment

Growth

Fixed assets investment in China’s
major economic sectors increased
both in quantity and quality, accord-
ing to a report from the National
Bureau of Statistics (NBS).
From 1982 to 2018, the country’s
investment in the primary and
secondary industries grew by an av-
erage annual rate of 18.1 percent and
19.1 percent, respectively, thanks to
its reform and opening-up policies.
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the most from the investment boom,
with the average annual investment
growth rate reaching 20.4 percent
during the period.
As China’s economy grows
stronger, its industrial structure has
been advanced and optimized with
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including hi-tech, research and

development, and environmental

protection, according to the report.

From 2013 to 2018, hi-tech in-

vestment grew by an average annual

rate of 16.9 percent. The spending

on hi-tech manufacturing grew 15

percent annually on average, while

that on hi-tech services climbed by

an average of 20.3 percent, the NBS

said.

China’s investment in environ-

mental protection surged by an

average annual rate of 31.4 percent

during the period, with investment

in new energy, including solar, wind

and nuclear power, up 13.8 percent

annually.

Green Bond Issuance

Green bond issuance saw high

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the year, a recent report showed.

The country issued green bonds

China announced a plan in 2016

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country in the world to make such

a move. It also helped push green

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agenda.

Growth of Internet

Companies

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reported steady expansion in both

revenue and research and develop-

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Companies boasting annual

Internet and related services revenue

of over 5 million yuan ($711,200)

raked in a total of 540.9 billion yuan

($78.4 billion) in H1, up 17.9 percent

year on year, according to the

Ministry of Industry and Information

Technology (MIIT).

The growth was 0.6 percentage

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the MIIT said.

R&D investment in the sector

registered a surge of 29.4 percent

year on year to 23 billion yuan ($3.

billion) in the period.

The revenues for information

services, the biggest contributor to

the Internet business revenue with

a share of 68.5 percent, surged 23

percent to 370.3 billion yuan ($52.

billion) during the period.

Guangdong Province, Shanghai

and Beijing saw their Internet busi-

ness revenues rise 11.7 percent, 25.

percent and 19.1 percent year on

year, respectively, in H1.

Banking Assets

The banking system saw improved

concentration in China with the asset

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staying within a reasonable range,

the country’s banking and insurance

regulator said on August 5.

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owned banks stood at 105 trillion

yuan ($15.17 trillion), accounting for

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institutions, the China Banking and

Insurance Regulatory Commission

worth 143.9 billion yuan ($21.

billion) in the January-June period,

62 percent more than the same

period last year, according to the

semiannual report on China’s green

bond market released by the China

Central Depository & Clearing Co.

Financial institutions remained

the largest issuer with 41 percent of

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of the year (H1). This is mainly due

to Industrial and Commercial Bank

of China’s three-tranche deal in

Singapore and Jiangsu Bank’s green

bonds.

The low-carbon transport

sector attracted 37 percent of the

investment funds raised from green

bonds, the largest share, followed by

renewable energy and water.

According to the report, a total

of 48 percent of domestic green

bonds were issued and traded on the

country’s interbank bond market.

XIN

HU

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New Energy

Staff work in the workshop of a wind power equipment enterprise in an economic development zone of Zhangjiakou,
north China’s Hebei Province, on August 1. The zone has utilized local advantages and embraced high-end
manufacturing of renewable energy equipment.