Biz China Weekly: LPR, SOE profits, hog prices

Source: Xinhua | 2020-07-26

The following are the highlights of China's business news from the past week:

-- LPR

China's one-year loan prime rate (LPR), a market-based benchmark lending rate, came in at 3.85 percent Monday, remaining unchanged from the previous month.

The over-five-year LPR, on which many lenders base their mortgage rates, also stayed unchanged at the previous reading of 4.65 percent, according to the National Interbank Funding Center.

-- SOE PROFITS

Profits and revenues of China's state-owned and state-controlled enterprises (SOEs) posted this year's first year-on-year growth in June, the Ministry of Finance said.

Profits rose by 6 percent from a year ago last month, while revenues increased by 7.1 percent, according to a statement on the website of the Ministry of Finance.

The declines in key indicators of SOEs further narrowed during the first half, showing that their recovery momentum has consolidated, the ministry said.

-- HOG PRICES

The price of live pigs in China rose 1.1 percent in mid-July compared with early July, data from the National Bureau of Statistics showed.

Since last year, China has implemented a string of policies to encourage hog production and stabilize pork prices affected by African swine fever and other factors.