Tue, 01 Dec 2020

Weekly snapshot of China's local business news

Xinhua
01 Nov 2020, 03:18 GMT+10

BEIJING, Oct. 31 (Xinhua) -- The following are highlights of China's local business news from the past week.

KWEICHOW MOUTAI EARNINGS

China's top alcohol brand Kweichow Moutai saw its sales revenue increase by 10.31 percent year on year in the first three quarters of this year.

Its sales revenue during the period reached more than 67.2 billion yuan (about 10.05 billion U.S. dollars), with the net profit exceeding 33.8 billion yuan, up 11.07 percent year on year.

TESLA MODEL 3 EXPORTS

U.S. carmaker Tesla began exporting its made-in-China Model 3 to Europe on Tuesday, signaling the rapid development of foreign automakers in China amid the country's opening up of the auto sector.

The first batch of 7,000 sedans manufactured by Tesla Shanghai gigafactory, the company's first overseas plant, departed from Shanghai by sea. They are expected to arrive at the port of Zeebrugge in Belgium at the end of November, before being sold in European countries including Germany, France, Italy, Spain, Portugal and Switzerland.

S.F. EARNINGS

China's express delivery giant S.F. Holding Co., Ltd. reported strong earnings growth in the third quarter of 2020 over solid business growth.

Net profit for the July-September period surged by 51.6 percent year on year to around 1.84 billion yuan (about 274 million U.S. dollars) while revenue grew by about 34 percent to 38.46 billion yuan.

SHANGHAI FOREIGN INVESTMENT

Despite the global downturn due to the COVID-19 pandemic, China's financial hub of Shanghai remains a hot spot for foreign investment.

The city's foreign capital inflows rose 6.1 percent year on year to about 15.52 billion U.S. dollars in the first three quarters of 2020, the Shanghai Municipal Commission of Commerce said Thursday.

AIRBUS 500TH A320

Airbus has delivered the 500th A320 family aircraft from its Final Assembly Line Asia (FALA) in north China's Tianjin Municipality, Airbus China announced Thursday.

George Xu, CEO of Airbus China, said the aircraft's delivery marked a milestone in industrial cooperation and partnership between Airbus and China's aviation industry.

TOURISM RECOVERY

Domestic tourism in China would most probably see a full recovery from the impact of COVID-19 by the end of this year, with new holiday-making trends accelerating industrial upgrading, the head of a major Chinese online travel agency said on Thursday.

China's domestic tourism market has recovered by 80 percent so far, and positive growth has been witnessed in various localities, said Liang Jianzhang, chairman and co-founder of Trip.com Group.

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