Private sector entities increase

The number of China's private sector entities reached 185 million by the end of May, increasing 2.3 percent year-on-year, official data showed on Friday. The private sector, including private enterprises and individual businesses, accounted for 96.76 percent of the total business entities in China as of the end of May, the State Administration for Market Regulation said. The number of private enterprises had exceeded 58 million, up 5.2 percent from a year ago. These enterprises have continuously increased investment in technological innovation and actively expanded into strategic emerging industries such as new energy and high-end equipment manufacturing, becoming a crucial pillar for industrial upgrading and stable economic growth, the regulator said.

Yuan weakens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 7 pips to 7.1627 against the US dollar on Friday, according to the China Foreign Exchange Trade System. In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day. The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Shanghai sees surge in overseas visitors

East China's Shanghai has welcomed nearly 3.4 million inbound visits as of May this year, a 37.7 percent year-on-year increase, according to data released by the Shanghai Municipal Administration of Culture and Tourism. Foreign nationals accounted for over 2.54 million of these visits, soaring 55.1 percent compared to the same period last year. Key Asian markets led the growth.

Xinhua - China Daily