Bank Lending to Rebound to ¥900 Billion in May
Renminbi-denominated lending at China's top four state-owned banks totaled ¥233 billion ($37.98 billion, $1 = ¥6.13) in the first 21 days in May, and lending at all banks is estimated to hit ¥900 billion in the month, the 21st Century Business Herald reported, citing a person with knowledge of the matter. Total Renminbi-denominated loans were ¥792.9 billion in April, with the top four responsible for 31%.
Power Usage by Manufacturing Hits Record High
Daily electricity consumption by China's manufacturing industry reached an all-time high of 7.85 billion kW hours in April, indicating the nation's manufacturing-charged economy was on the mend, the China Electricity Council said. The manufacturing industry used 235.4 billion kW hours of electricity in April, up 5.4% from a year ago. The secondary sector as a whole used 308.3 billion kW hours of electricity in April, up 7.7% from a year ago.
China's E-Commerce Sales Top $190 Billion
E-commerce sales in China reached an estimated $190 billion last year, almost equaling the US market as largest in the world, according to a report released by McKinsey & Co. China's online retail sales are expected to grow to at least $420 billion by 2020, which would exceed more than the US, Japan, Britain, Germany and France combined. China's e-commerce gross merchandise value has grown 120% annually since 2003, much faster than the 17% growth in the US.
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