IMF maintains China’s GDP growth forecast

THE International Monetary Fund kept its forecast for China’s 2018 economic growth unchanged at 6.6 percent Wednesday, but warned that overly rapid credit growth and trade frictions could pose risks for the world’s second-largest economy.

China’s economy grew 6.8 percent in the first quarter of 2018, slightly faster than expected, buoyed by strong consumer demand and surprisingly robust property investment. Earlier in January, the IMF raised its forecast for China’s economic growth this year to 6.6 percent from 6.5 percent. China in March set a full-year growth target of around 6.5 percent.

PetroChina to spend big on gas storage

PETROCHINA Co. will this year start building two underground natural gas storage sites in China’s southwest at a total cost of 5.3 billion yuan (US$825.70 million), Xinhua reported Wednesday.

PetroChina Southwest Oil and Gas Field Co. will build the facilities, which will ensure combined annual supply of 1.28 billion cubic meters of gas on completion in 2022, in Tongluoxia and Huangcaoxia in the municipality of Chongqing, Xinhua said.

Suning.com sells Alibaba shares

E-COMMERCE company Suning.com Co. has sold US$1.5 billion worth of shares in Alibaba Group Holding Ltd., cutting its stake in the tech giant to 0.51 percent.

Suning.com is expected to make a net profit of about 5.6 billion yuan (US$872.3 million) from the sale, it said in a filing with the Shenzhen Stock Exchange on Wednesday. Suning.com did not specify how many Alibaba shares it had sold.

Tencent launches new marketing system

TENCENT Holdings Ltd. on Tuesday unveiled its new marketing system “WE+” in a bid to inject new impetus into the innovation in digital marketing, promote business growth and establish a win-win situation for brands and consumers.

The new marketing system is based on three capabilities, namely WEmpower, WEngage and WEembrace, with openness as its core in the process of the development of digital economy, said the company. For the actual use of the system, Sophia Ong, general manager of Tencent’s online media group, said the system helps realize marketing in various scenes by connecting the company’s different platforms and aims to bring targeted and customized solutions for enterprises.