Adviser urges against credit contraction

CHINA should avoid credit contraction but also keep inflation expectations from intensifying, the 21st Century Business Herald quoted central bank policy adviser Wang Yiming as saying yesterday.

“We should not only avoid credit contraction, but also avoid strengthening inflation expectations,” Wang said. China’s credit trends are being closely watched by investors who are increasingly worried about policy tightening as the government looks to exit from emergency measures now that the economy is quickly regaining momentum.

International electronics expo opens in Guangzhou

AN international expo for electronics and electrical appliances Monday opened in southern China’s Guangzhou City with a theme of embracing domestic demand and exploring the global market.

More than 1,000 exhibitors brought 60,000 products to the Guangzhou International Electronics and Smart Appliances Expo for exhibition, according to organizers. The expo consists of six sections, including consumer electronics, mobile electronics and parts, electronic sports games and home appliances, covering a total exhibition area exceeding 40,000 square meters.

Offshore duty-free sales in Hainan likely to double

OFFSHORE duty-free sales in China’s southern island province of Hainan are expected to double in 2021 for the second year in a row, as fine-tuned favorable policies continue to draw more consumers, an official said Monday.

Hainan’s offshore duty-free sales are likely to exceed 60 billion yuan (US$9.15 billion) in 2021, up from 30 billion yuan last year, which had doubled from 15 billion yuan in 2019, Shen Xiaoming, Party chief of Hainan, told a press conference.

Gansu ramps up herbal medicine industry

NORTHWESTERN China’s Gansu Province has made herbal medicine development a pillar industry to stimulate the local economy.

The provincial government has set the goal of realizing 66 billion yuan (US$10 billion) in the output value of the whole industrial chain of Chinese herbal medicines by 2023, according to a promotional event held over the weekend. As a traditional growing area of Chinese herbal medicines such as Angelica sinensis and Codonopsis pilosula, Gansu has 310,000 hectares of herbal plantation area with the output in 2019 amounting to 1.3 million tons and the output value chalking up 44 billion yuan.