The monetary authority has rolled out a series of policies in recent mont
hs to ensure adequate liquidity in the financial sector and accelerated loan issuance to co
mpanies. The measures include a new lending facility, called the targeted medium-term lending facility, which was in
troduced in December to encourage commercial banks to increase lending to small and private firms.
The central bank further cut the required reserve ratio for financial institutions by 1 percentage point in January and inj
ected another 800 billion yuan of capital into the market. That followed four reserve ratio cuts last year.
Supported by the liquidity, the average interest rate in financial mark
ets had already declined by January, which actually provided much cheaper funding t
o commercial banks and borrowers in the corporate sector, Sun said.
Accompanied by the credit boost, growth of the broad money sup
ply, or M2, accelerated in January to 8.4 percent from 8.1 percent at the end of December, t
he central bank said. Government bond issuance, meanwhile, has also picked up since the start of this year.
It’s hard to say that China entered a new cycle of credit expansion,” said Zhang Ming, chief eco
nomist at Ping An Securities. “For the whole year, the overall financing growth and money supply is expected to stabilize.”
Fast credit expansion means higher pressure on companies to repay debt and interest, and the space for sustainable credit growth i
s limited, given the current leverage level. Total outstanding debt has exceeded 250 percent of GDP, Zhang said.
The good news is that credit has been channeled effectively into the production sector, such as manuf
acturing and high-tech, and the healthier credit structure can support the overall economic r
estructuring reform, said Ruan Jianhong, head of the central bank’s statistics and analysis department.
hina and the United States will continue economic and trade consultations in Washington ne
xt week, after reaching consensus in principle on major issues during their high-level Beijing talks, State media reported.
According to Xinhua News Agency, the two sides had in-depth communication on topics of mutual concern including tec
hnological transfers, intellectual property rights protection, nontariff barriers, the service industry, agr
iculture, the trade balance and an implementation mechanism, as well as on particular issues of concern to China.
China is expected to generate 48.6 zettabytes (48.6 trillion gigabytes) of data in 2025, while the number for the US is forecast to be
30.6ZB, according to a study by the International Data Corporation (IDC) and data storage firm Seagate, a CNBC report said.
In addition, the global total amount of new data generated is set to grow from 33ZB in 2018 to 175ZB by
2025, with data collected from entertainment platforms, video surveillance footage, internet-co
nnected devices, productivity tools and metadata contributing to most of the growth, according to the report.
In the race for data, which, as IDC analysts put in their report, is
“at the heart of this digital world” and “a company’s most valuable intangible a
sset, which can create a competitive edge in digital transformation”, there is already a victory sign coming from China.
The country generated about 7.6ZB data last year, around 0.7ZB more than the US, the report said.
After the successful landing of the Chang’e-4 lunar probe on the far side of the moon on Jan 3, Ch
ina is planning to launch Chang’e-5, a more advanced lunar probe, later this year to collect samples from the moon.
The Chang’e-4 mission, the first such mission in history, was an important m
ilestone in the lunar exploration program of not only China but also the wo
rld. About 50 years ago, the United States’ Apollo 11 landed the first humans on the moon, marking a critical step in spa
ce exploration. But no human has landed on the moon after 1972. Since Apollo 11, according to the US, effectively en
ded its space race with the Soviet Union, the Americans abandoned all ambitions to further explore space.
“Project Apollo” did not prompt other countries to join the space race because no country ot
her than the US and the Soviet Union could afford the huge costs. Even the US found it extremely difficult to s
ustain the project. For example, the cost of launching the Saturn V rocket, the carrier of Apollo 11 in 1969, was nearly $40
0 million, almost equal to the total budget of the US National Science Foundation that year.
nger the prerogative of the US and Russia. Apart from the US, Russia and China, India too has worked out an ambitious plan to put astronauts in space by 2022.
Constantly improving manufacturing and new material technologies have remarkably reduced the cost of space launches. The pr
ivate US company Space X has successfully launched recoverable rockets, and its launch cost per kilogram payload has fallen below $2,000, one-ten
th that of a space shuttle launch. And for China and India, the cost of one rocket launch is less than $5,000 per kg.
Another major change helping space exploration is the advancement in 3D printing technology, which now allows astr
onauts to produce parts and components in the International Space Station and thus reduces the number of sup
ply vehicle launches. 3D printing will play a big role in the construction of a permanent space station on the moon.
These technological advancements have propelled a new wave of space fever ac
ross the world. While US President Donald Trump has reactivated the space ex
ploration program that aims to land humans on Mars by 2033, private space companies such as Space X and Blue Ori
gin have used advanced technologies to their full advantage to move ahead in the space race.
For China, building a permanent space station and a rocket launch platform on the moon will
be critical to advanced space exploration. Actually, China is moving closer to fulfilling that objective.
the pilot informs us that Chinese authorities had not given this plane permissi
on to land, so we needed to turn around,” Eric Hundman, an assistant professor at New York University Shanghai, said on his Twitter account.
He described the experience as “a new level of China
An official with CAAC said the administration has begun an investigation into the incident.
Air New Zealand also said they are investigating and an official explanation will be released later on Sunday.
All the passengers have been accommodated and another flight is to be arranged on Sunday night to send the passengers to Shanghai.
“Air New Zealand wishes to sincerely apologize for the return and subsequent retiming of your flight NZ289,” the carrier said in the short message to its passengers.
The rearranged flight is scheduled to take off at 11pm New Zealand time on Sunday and land at Pudong airport at 6am local time Monday.
Bad,” which caused heated debate on the social network.
“Obviously Air New Zealand forgot to get approval for this plane in advance… You ca
n blame Air New Zealand, but this mistake has nothing to do with ‘China Bad’,” a netizen replied.
Hundman later told Shanghai Daily that he did not mean to blame China since it was still un
clear who is at fault. “I mean that I had a frustrating, highly unusual experience while en route to China,” he added.