Weekly snapshot of China's local business news

0 Comment(s)Print E-mail Xinhua, August 31, 2019
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BEIJING, Aug. 31 (Xinhua) -- The following are highlights of China's key local business news from the past week.

-- COSTCO STORE

U.S. retail giant Costco Wholesale opened its first brick-and-mortar store on the Chinese mainland in Shanghai on Tuesday.

The 14,000-square-meter store embraced surging customers on its first day, with customers spending up to two hours queuing to check out or waiting three hours to find a spot among the 1,200-space parking lot.

Customers can enjoy commodities with larger pack volumes and lower prices in the warehouse after paying a membership fee of 299 yuan (about 42 U.S. dollars) a year. Prices of general merchandise in Costco are 30 to 60 percent lower than market prices and the food sold there is 10 to 20 percent cheaper, according to the retailer.

-- ZTE

Major Chinese telecom equipment maker ZTE saw net profit rise 118.8 percent year on year to 1.47 billion yuan (205 million U.S. dollars) in the first half of the year.

Sales revenue jumped 13.1 percent year on year to 44.6 billion yuan during the six-month period. ZTE said it has signed 25 5G commercial contracts worldwide, covering markets in China, Europe, the Asia-Pacific region and the Middle East and has partnered with more than 60 operators around the world in 5G networks.

-- SHANXI COAL

North China's Shanxi Province plans to reduce 18.95 million tonnes of coal production capacity by closing 18 coal mines this year.

Twelve of the 18 coal mines to be closed have an annual output of 600,000 tonnes or less. Shanxi plans to close all its coal mines with an annual output of less than 600,000 tonnes by the end of 2020, when the annual output of a single coal enterprise should be more than 3 million tonnes.

-- BAOSTEEL

Baoshan Iron and Steel saw its net profit slump 38.19 percent year on year in the first half of 2019 amid falling profit margins.

Its net profit reached 6.19 billion yuan (870 million U.S. dollars) in the first six months, compared with 10 billion yuan in the same period last year. Over the period, the steel producer generated a revenue of 140.88 billion yuan, down 5.16 percent from last year.

The first six months saw booming demand for long products while weak demand for flat products from the automotive industry, Baosteel said. China's composite steel price index fell 4.6 percent year on year in the period.

-- YILI

Chinese dairy giant Inner Mongolia Yili Industrial Group Co., Ltd. saw its net profit increase 9.71 percent year on year to 3.78 billion yuan in the first half of 2019.

In addition, the company, headquartered in Hohhot, capital of north China's Inner Mongolia Autonomous Region, generated a revenue of 44.97 billion yuan, up 13.58 percent year on year.

-- CHINA SOUTHERN

China Southern Airlines said its revenue grew 7.97 percent year on year to 72.94 billion yuan (10.2 billion U.S. dollars) in the first six months. During the period, China's aviation industry handled 320 million passenger trips, an 8.5-percent year-on-year increase.

Over the period, the company, headquartered in Guangzhou, capital of southern China's Guangdong Province, saw its net profit drop 20.92 percent year on year to 1.69 billion yuan. Enditem

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