Coal production falls

    COAL production in China, the world’s biggest coal-consuming nation, fell by 6 percent in the first four months of this year as the economy slows and the government makes a concerted push to cut carbon emissions.

    Chinese imports of coal also fell, plummeting 38 percent. China uses roughly half of all of the world’s coal production for power generation, heating and industry.

    MYbank to open

    CHINA’S banking regulator has granted permission for the operation of MYbank, the online bank affiliated with Alibaba Group Holding Ltd.

    Alibaba-linked Ant Financial said in April it planned for the bank to launch in June as China’s Internet companies increasingly encroach upon the turf of traditional banks.