Briefly

Steady growth in business entities

The number of registered business entities in China rose 3.1 percent year-on-year to 189 million by the end of 2024, an official from the State Administration for Market Regulation said on Friday. In the first three quarters of last year, the country saw about 7.22 million newly registered business entities handling tax-related businesses, expanding 17.4 percent year-on-year, Shu Wei, deputy head of the administration, told a news conference. Consumer rights protection efforts have also seen advancements, with authorities recovering over 4.72 billion yuan ($656.69 million) in economic losses from complaints and reports, up 17.1 percent year-on-year, Shu said.

PBOC conducts reverse repos

China's central bank conducted 4.5 billion yuan ($626 million) of seven-day reverse repos at an interest rate of 1.5 percent on Friday. The move aims to keep liquidity in the banking system at an adequate level, the People's Bank of China said. A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.

Xinhua - China Daily