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Category: Ningbo Business
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Published: Tuesday, 10 July 2012 08:26
Until 7:00 last Friday, all the banks in Ningbo, including foreign banks, have adopted the new interest rate after the central bank announced an interest cut last Friday.
The People's Bank of China (PBOC) announced it would reduce the benchmark interest rate for one-year deposits by 25 basis points and that for one-year lending by 31 basis points last Friday.
After the rate cut, the five major state-owned commercial banks, namely the Industrial and Commercial Bank of China, the Agricultural Bank of China, Bank of China, China Construction Bank and Bank of Communications cut the one-year deposit interest rate to 3.25 percent.
In contrast to the state-owned banks, the commercial banks are more flexible in the adjustment of interest rates. Small and medium commercial banks such as China Merchants Bank, China Minsheng Bank, China Everbright Bank, Industrial Bank, Huaxia Bank raised the one-year deposit interest rate by 1.1 times to 3.3%.
The interest cut indicates a smaller interest rate gap between commercial banks and state-owned banks. After the previous interest cut in this June, some commercial banks raised their one-year deposit interest rate 1.1 times to 3.575 percent, while the four state-owned banks set the interest rate as 3.5 percent, showing a 0.75 percent margin. However, the latest interest cut narrows the gap between the two to 0.5 percent.
"The central bank allows lenders in a floating scale to adjust their own loan rate 0.7 times of the benchmark lending standard. Previously on June 8, the central bank set the band at 0.8 times of the benchmark. The move aims to expand the floating range of lending rates and thus accelerate the market-oriented reform of interest rates," said a manager of a large state-owned commercial bank.
Prof. Tian Jianying, dean of Finance Department of Zhejiang Wanli University, said that the PBOC has cut interest rates for the second time in less than a month. The two interest cuts lead to a drop of 50 basis points in one-year lending rate. The effort aims to boost the economy that has started to slow and ease the financing pressure and cost for enterprises and help boost growth.
Zhang Aibing, a general manager of China Zheshang Bank said that the interest cut would further narrow the deposit-loan interest rate gap and force banks to concede part of their profits to the enterprises. It also reflects the principle of financial institutions shall serve the real economy.
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Category: Tourist Ningbo
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Published: Tuesday, 10 July 2012 08:25
This summer Ningbo has seen a 60 percent rise in the number of tourists to Russia compared to the same period a year ago, according to several local travel agencies. Russia is attracting more local visitors from Ningbo as 2012 is the Sino-Russia Tourism Year.
According to data posted on a domestic travel website, tourists who are consulting and booking tours to Russia increased significantly after "Tourism Year of Russia" was launched this March. From this March to May, Chinese tourists to Russia doubled compared to the same period last year. At present, most travel agencies in Ningbo offer route tours to Russia lasting ranging from six to nine days. For instance, a "Seven-day Tour of Moscow -Saint Petersburg" will cost 9,600 yuan, much cheaper compared with tours to other European countries. Chinese tourists can sign up for route tours in Russia through travel agencies and they do not have to apply for visas if they travel in Russia in groups (at least 5 tourists in a group).
As the flourishing of Red Tourism, which encourages Chinese people to visit revolutionary sites with historical significance, Russia tours had been very popular among the older generation in China. To attract more young people, many travel agencies launched new route tours in Russia. According to a manager from Ningbo branch of Tuniu.com, one of the leading travel website in China, one of the new route tours allows the tourists to visit Russia while enjoy the quietness and beauty of other northern European countries.
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Category: Ningbo Port
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Published: Tuesday, 10 July 2012 08:24
In the first half of this year, the cargo and container throughput via Ningbo Port grew together. The former stood at 222 million tons and the latter 7.8 million TEU, up by 6.1% and 10.1% respectively, both hitting a historic high.
Someone with Ningbo Port Group remarked that amid the sluggish domestic micro economy, the slowdown of foreign trade and adverse climate, Ningbo Port has made every effort in opening up markets and competing for goods suppliers. It gives full play to its clustering advantage and arranges its port production scientifically. It also fully taps the potential of its waterways, berths and storage capacity to ensure the sustainable growth of port production. As many shipping companies are running shipping lines jointly, carrying out berth exchange and cooperation and frequent line integration, Ningbo Port actively seeks international transit, domestic trade and inland
Read more: Cargo and container throughput via...