Monetary policy

THE central bank said Friday the economy faces downward pressure amid a complex international financial environment and as external uncertainties increase.

Economic growth remains resilient and yuan exchange rates have largely been stable, the People’s Bank of China said in a statement after its monetary policy committee’s third-quarter meeting. The central bank reaffirmed its stance that prudent monetary policy should neither be too tight nor too loose, and vowed to keep M2 and social financing growth in line with nominal gross domestic product growth.

Investment expands

DOMESTIC investment in the high-tech manufacturing industry further expanded in the first eight months of this year, official data showed.

From January to August, the investment grew 12 percent year on year, quickening 0.9 percentage points from that in the January-July period, according to the National Development and Reform Commission (NDRC). In breakdown, investment in medical equipment and manufacturing of apparatus and instruments led the growth by 17.7 percent, while that in the electronic and communication equipment went up 14.5 percent year on year during the period.

Smartphone exports

CHINESE mobile technology firm OnePlus has started exporting smartphones made in India to Western markets including the United States, an Indian newspaper reported Saturday.

The Economic Times daily quoted co-founder of OnePlus, Carl Pei, as saying that “2019 is our best year so far [in India]. As Indian infrastructure matures and ecosystem for manufacturing builds out, there is definitely a possibility to keep investing here.”