Weekly snapshot of China's local business news

Updated: August 24, 2020 Source: Xinhuanet.com
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The following are highlights of China's local business news from the past week.


Shenzhen Mayor Chen Rugui announced on Monday that the city has achieved full coverage of 5G independent networking.

Chen said at a press conference that the city has realized the goal set in 2019 of having 45,000 5G base stations built by the end of August 2020 to support the establishment of the citywide 5G network.


The track-laying of the Beijing-Xiong'an intercity railway, a key project for the coordinated development of the Beijing-Tianjin-Hebei region, was completed on Monday.

It marks an important step in the construction of the intercity railroad linking Xiong'an New Area with the Chinese capital, including the Beijing Daxing International Airport.


A new port to facilitate travel between Macao and Zhuhai, south China's Guangdong Province, was officially put into use Tuesday, a new step to boost development of the Guangdong-Hong Kong-Macao Greater Bay Area.

Dubbed a "super passage," the main working area of the Hengqin port has a total floor area of 450,000 square meters, equivalent to 63 soccer fields. It has a designed daily capacity of 222,000 passengers, which can help ease the pressure of Gongbei Port and increase the daily capacity for passenger flow between Guangdong and Macao.


Chinese online retail giant JD.com saw a soaring net revenue of 201.1 billion yuan (about 28.73 billion U.S. dollars) in the second quarter, up 33.8 percent year on year.

Net income attributable to ordinary shareholders for the second quarter stood at 16.4 billion yuan, compared to 600 million yuan for the same period last year.


Sales of offshore duty-free shops in China's island province of Hainan exceeded 5 billion yuan (about 720 million U.S. dollars) from July 1 to August 18, an increase of 250 percent year on year, local authorities said Wednesday.

To encourage moderate competition and meet the demands of tourists, Hainan will set up three new duty-free shops in the resort city of Sanya, taking into account the number of tourists, traffic and business infrastructure, said Chen Xi, director of the provincial department of commerce.


China's e-commerce giant Alibaba Group reported a year-on-year revenue growth of 34 percent to 153.8 billion yuan (about 21.76 billion U.S. dollars) for the quarter that ended on June 30, 2020.

The company's net profit attributable to shareholders was 47.59 billion yuan. The profit surge was mainly due to strong performances in online retailing and cloud computing, the company said.

Editor: 杜俊知