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Financial data shows steady economic growth in August: central bank

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      China

      China

      Financial data shows steady economic growth in August: central bank

      2024-09-14 17:23 Last Updated At:17:37

      China has seen several economic indicators exceeded market expectations in August, demonstrating a recovering macroeconomy, data released by the People's Bank of China showed on Friday.

      The central bank said the growth rate of M2, a broad measure of money supply that covers cash in circulation and all deposits, has been relatively stable, with a 6.3 percent year-on-year growth to reach 305.05 trillion yuan (about 43 trillion U.S. dollars) at the end of August.

      During the period, outstanding yuan loans totaled 252.02 trillion yuan, marking an increase of 8.5 percent year on year.

      China's yuan loans rose by 14.43 trillion yuan in the first eight months of the year, according to the bank.

      Data showed that the stock of social financing scale at the end of August 2024 increased by 8.1 percent year on year. The increase in social financing scale reached 21.9 trillion yuan in the first eight months.

      The weighted average interest rate of new corporate loans in August stood at 3.57 percent, down 28 basis points year on year. And the new individual housing loan interest rate was 3.35 percent, down 78 basis points year on year, according to the central bank.

      Financial data shows steady economic growth in August: central bank

      Financial data shows steady economic growth in August: central bank

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      Xi calls for strengthening China-Russia ties to address global uncertainties

      2025-01-21 22:51 Last Updated At:01-22 01:17

      Chinese President Xi Jinping called for joint efforts to guide China-Russia relations to a new height in 2025 so that the stability and resilience of their bilateral relationship can better cope with the uncertainties of a challenging global environment, when talking with Russian President Vladimir Putin via video link on Tuesday.

      Xi expressed his pleasure at meeting with Putin ahead of the Chinese New Year, which falls on Jan 29 this year, describing it as a time for reflection and planning.

      "At the turn of the year, it is a moment to review achievements and chart new plans," he said.

      Xi noted that this year marks the 80th anniversary of the victories of the Chinese People's War of Resistance against Japanese Aggression, the Soviet Union's Great Patriotic War and the World Anti-Fascist War, as well as the 80th anniversary of the founding of the United Nations (UN).

      "China and Russia should take the opportunities presented by the anniversaries to jointly safeguard the U.N.-centered international system, and the hard-won fruits of victory in World War II. Both countries, as founding members of the UN and permanent members of the Security Council, must uphold their institutional rights," he said.

      "In the new year, I'm willing to work with you to continue guiding China-Russia relations to a new height in 2025, to respond to external uncertainties with the stability and resilience of China-Russia ties, to boost the development and prosperity of both countries, and to uphold international fairness and justice," Xi said.

      Putin said he agrees with Xi's views, saying that Russia-China cooperation is built on a broad commonality of national interests.

      "Our perspectives on how to properly handle relations between major powers are increasingly aligned. Our bilateral relationship is built on friendship, mutual trust, support, equality and mutual benefit. It is independent and unaffected by domestic political factors and the current international situation," he said.

      Xi calls for strengthening China-Russia ties to address global uncertainties

      Xi calls for strengthening China-Russia ties to address global uncertainties

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