Weekly snapshot of China’s local business news

Xinhua News Agency | Jul 20, 2019 at 2:10 AM

BEIJING, July 20 (Xinhua) -- The following are highlights of China's key local business news from the past week.

-- SMART TECHNOLOGIES SHINE AT AUTO EXPO

Smart technologies are a hit at an ongoing international automobile expo in Changchun, capital of northeast China's Jilin Province.

The 16th China (Changchun) International Auto Expo, which is to last until July 21, is seeing a variety of auto brands displaying technologies such as autopilot, remote controlling and augmented reality display.

-- BYD PARTNERS WITH TOYOTA

China's leading new energy vehicle (NEV) manufacturer BYD partnered with Toyota to develop purely electric vehicles and their batteries.

The two companies will jointly develop sedans and low-floor SUVs. The models will be under the Toyota brand and are expected to be launched in China by 2025.

-- MOUTAI NET PROFIT UP 27 PCT IN H1

China's top alcohol brand Kweichow Moutai saw its net profit reach 19.95 billion yuan (2.9 billion U.S. dollars) in the first half of the year, up 26.56 percent year on year.

Its revenue jumped by 18.24 percent year on year to 39.49 billion yuan during the January-June period.

-- SHANGHAI SEES STEADY FOREIGN INVESTMENT GROWTH

Shanghai has made steady growth in foreign investment in the first half of 2019, according to the Shanghai Municipal Commission of Commerce (SMCC).

A total of 3,247 foreign-funded projects were established in Shanghai in the first six months, representing a 49.2-percent increase from a year ago. Among them are China's first securities company and insurance company controlled by foreign investment, established by JPMorgan Chase & Co. from the United States and German insurer Allianz Group, respectively.

The city received 9.75 billion U.S. dollars of foreign investment in the first six months, up 13.9 percent year on year, while the total contractual amount of foreign investment registered an increase of 6.3 percent to 22.9 billion U.S. dollars.

-- BEIJING GDP GROWS 6.3 PCT IN H1

Beijing's gross domestic product (GDP) reached more than 1.52 trillion yuan (221 billion U.S. dollars) in the first half of this year, up 6.3 percent year on year.

"Beijing's economy grew robustly with improved quality during the period," said Pang Jiangqian, deputy director of the Beijing municipal statistics bureau.

Meanwhile, Beijing's consumer price reported a moderate year-on-year growth of 1.9 percent in H1, with production price remaining generally stable.