Geely Reports Significant Revenue and Profit Growth
Geely Automobile Holdings Limited reported a 56% year-on-year revenue growth in Q1 2024, with net income soaring 119%. Total revenue reached 52.3 billion yuan, driven by strong sales in new energy vehicles (NEVs) and the launch of new models like Lynk & Co’s Z10.
Central Bank Focuses on Monetary Stability
China’s central bank emphasized maintaining macroeconomic stability with a flexible, prudent monetary policy. The bank highlighted achievements in loan prime rate reform and efficient monetary policy transmission, supporting economic recovery and lowering financing costs for the real economy.
Stable External Debt
China’s external debt stood at $2.51 trillion at the end of March 2024, with medium- and long-term debt comprising 44% of the total. The State Administration of Foreign Exchange expects the scale of external debt to remain stable, supported by domestic macro policies and global inflation trends.
Online Shopping Trends in Rural Areas
A blue book released by the China Internet Network Information Center revealed that 76.7% of rural netizens shop online, with a preference for short video platforms. Over 900 million Chinese people shop online, with significant participation from post-90s and post-00s generations, females, and the elderly.
Growing Foreign Investment in Securities
Foreign investment in China’s securities market reached $32.2 billion in Q1 2024, reflecting rising interest in RMB-denominated assets. The orderly development of cross-border investment and China’s steady economic recovery support a stable balance of payments.
Transportation Sector Sees Growth
China’s transportation sector showed growth in the first five months of 2024. Road network passenger trips increased by 7.4% year-on-year, waterway passenger trips by 6.7%, road freight volume by 4.4%, and waterway cargo by 7%. Port cargo throughput rose by 4.9%, with container throughput up 8.8%.