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China's progress on economic resumption on June 19

Updated: Jun 19,2020 08:26 PM    Xinhua

BEIJING — As efforts to contain COVID-19 continue, China is steadily reviving its economy. The following facts and figures indicate how the country is forging ahead in the economic sphere:

— China's central bank vowed on June 18 to keep financial liquidity at a reasonable and adequate level in the second half of the year, amid efforts to tackle the impact of COVID-19 on the economy.

The country's new yuan-denominated loans are expected to reach nearly 20 trillion yuan (about $2.82 trillion) this year and the total amount of social financing is poised to exceed 30 trillion yuan, according to Yi Gang, governor of the People's Bank of China.

— China's top banking and insurance regulator on June 18 pledged sustained efforts to spur faster economic recovery, and ensured stable employment and development of enterprises to cushion the COVID-19 impact.

Many enterprises, though hit hard by the COVID-19 epidemic, have promising business prospects and sound credit records, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, said at the Lujiazui Forum in Shanghai via video link.

The banks and the government should actively cooperate to forge rescue plans for the firms, he said, adding that China will strengthen the role of policy-based finance in counter-cyclical adjustments.

— China's electricity consumption, a key barometer of economic activity, rose 4.6 percent in May as the impact of the novel coronavirus waned, data from the National Energy Administration (NEA) showed on June 19. 

Total power use hit 592.6 billion kWh last month, NEA data showed.

Specifically, power use by the first and secondary industries rose 15.5 percent and 2.9 percent year-on-year, respectively, and that by the tertiary industry went up 3.6 percent from the same period a year ago.