Economy

New Development Bank to Loan US $2.5 Billion in 2017

The New Development Bank （NDB）， a multilateral financial institution jointly set up by the five BRICS countries， is expected to offer loans totaling US $2.5 billion this year， said Zhou Qiangwu， director of the International Economics and Finance Institute of the Ministry of Finance， at a press briefing on the BRICS economic and financial cooperation held by the State Council Information Office at the end of August.

The construction of the NDB Permanent Headquarters Building was launched in September in Shanghai.

According to Zhou， the bank has made a lot of progress since it went into operation more than two years ago. For example， yuan-denominated green bonds with a value of RMB 3 billion （about US $454.5 million） were issued. In 2016， the NDB approved loans totaling US $1.55 billion to seven programs on sustainable development. More loans are expected to be approved later this year. Moreover， the Africa Regional Center of the NDB in Johannesburg was launched last August.

During the BRICS Summit held in Xiamen this year， participants reached agreements on trade promotion， investment facilitation， economic and technological cooperation， as well as the multilateral trading system， promoting the building of an “integrated market.” The NDB is likely to see more development opportunities in the future.

Official data from the Ministry of Commerce showed that trade volume between China and other BRICS countries increased 26 percent year on year to hit US $167.07 billion during the January-July period this year. As of the end of July， Chinas nonfinancial outbound direct investment （ODI） to other BRICS countries had reached US$870 million. These figures indicate that there is huge investment potential among the BRICS countries.

China to Be Worlds Largest Film Market by 2020

Chinas box office sales will reach RMB 55 billion （US $8.33 billion） in 2017 and the Chinese film market is expected to be the worlds largest by 2020， said the State Administration of Press， Publication， Radio， Film， and Television （SAPPRFT）.

The increase in facilities has created a foundation for the booming market. China has surpassed North America with more than 44 million movie screens， including more than 38，300 3D screens as of March 2017.

Chinese films reached nearly RMB 49.3 billion in ticket sales， including RMB 3.8 billion in the overseas market in 2016， according to the SAPPRFT.endprint

The Chinese film market is expanding rapidly. According to Emerging Markets and the Digitalization of the Film Industry， an analysis report released by UNESCO， Chinas projected box office revenue will surpass US $12 billion by 2020， rendering itself the No.1 film market in the world. In addition， Chinas box office will be 50 percent more than that of the U.S. by 2025. In many Chinese cities， more and more shopping malls with cinemas attached have been built as the trend to watch a movie when people go shopping is growing.

New Energy Vehicle Industry Growth Hits Fast Lane

Chinas new energy vehicle（NEV） industry has seen rapid growth in the past few years. Production and sales of NEVs have surpassed one million units so far， with an annual growth of over 200 percent， said Dong Yang， vice director of China Association of Automobile Manufacturers （CAAM）.

The whole industrial chain has been established， with some domestic battery makers， motor producers， and other enterprises becoming internationally significant suppliers. More than 70 percent of the global shipments of NEV batteries come from China， Dong said.

Public charging facilities within China have surpassed 180，000， with their coverage increasing in residential areas， along highways， and in other public spaces.

Some 507，000 NEVs were sold in China last year， the most in the world for a second year， CAAM data showed.

NEV companies have emerged with innovative business models， while favorable government policies have made NEVs cheaper and the licensing procedures simpler， Dong said.

With more than 50 percent of the worlds NEV production， sales， and ownership in 2016， China is now a global leader in NEV development. The thriving market has also attracted many transnational enterprises.

According to a plan on auto industry development outlined by the MIIT， China will see NEV output hit two million annually by 2020.

Chinas Information Consumption to Surpass US $900 Billion by 2020

China will bolster online information consumption in the next few years as part of an effort to stimulate domestic demand and shore up economic growth， according to a guideline released by the State Council at the end of August.

The guideline set the goal as the consumption of online information products and services is expected to grow at an annual pace of at least 11 percent to reach RMB 6 trillion（around US $900 billion） by 2020.

Statistics from the Ministry of Industry and Information Technology （MIIT） showed that online information consumption totaled RMB 3.2 trillion in 2015， and the figure stood at RMB 3.9 trillion in 2016， representing a year-on-year growth of 21.86 percent. The online information consumption in 2016 contributed 0.26 percent to the countrys year-on-year GDP growth.

“Information technology is playing a bigger role in consumption and will boost the combined output of related industries to RMB 15 trillion in 2020，” the document said.

It promised favorable measures and support for sectors such as home automation related products， online education， medical treatment， e-commerce， and 5G mobile networks.

China will create a sound business environment by adopting inclusive and prudent regulations， enhancing network information safety， and improving the protection of personal information and intellectual property.endprint