ICBC's outstanding loans up 50% in Q1

Industrial and Commercial Bank of China (ICBC), China's biggest commercial lender, saw its inclusive loan balance rise 50 percent year-on-year in the first quarter to help smaller businesses tide over difficulties following the outbreak of COVID-19. More supportive measures included increasing the credit line to a maximum of 10 million yuan ($1.40 million), according to the bank. To reduce financing cost for small and micro-sized enterprises, ICBC offered loans at concessional rates and deferred loan payments for these firms. More than 20,000 small businesses have extended or renewed their loans so far, the bank said. It also ramped up efforts to innovate inclusive financial products, including specific online credit loans to strengthen contactless services, which facilitated smaller firms to restore production amid epidemic containment measures.

E-commerce air route links China, Russia

A regular e-commerce cargo air route was launched on Thursday to link the central Chinese city of Changsha with Moscow, Russia. The cargo flight operated by Cainiao Network, the delivery arm of Chinese e-commerce powerhouse Alibaba, took off from Changsha Huanghua International Airport, carrying 20 metric tons of goods in nearly 40,000 parcels, including clothes and household items. The service will include three flights per week, Cainiao Network said, adding after the launch of the new air route, goods manufactured in Hunan will be delivered to Russian consumers in about 10 days, down from the previous 20-30 days.

Automobile exports at Shanghai port soar

Shanghai Customs said that its automobile exports saw a year-on-year increase of 97.4 percent from April 1 to May 25. About 33,500 vehicles were exported from the Shanghai port, accounting for 71.8 percent of the total of the country's four major auto export ports during the period. The four ports are Tianjin, Guangzhou, Shanghai and Dalian. The Customs department said timely warnings, smooth online clearance channels and streamlined on-site procedures facilitated the auto exports.

Sam's Club starts work on new outlet

Sam's Club, a Walmart-owned membership warehouse club, started construction of its flagship outlet in China on Thursday. The flagship store is located in the Shanghai Waigaoqiao bonded area of the pilot free trade zone. It will be the largest independent building operated by Sam's Club in China and its third store in Shanghai. With a construction area of 70,000 square meters, the outlet is expected to open in 2021.

Xinhua