China Continues to Grow
The People's Bank of China (PBOC), the central bank, has pledged to increase financial support for the country's private enterprises.
The PBOC will strengthen coordination between financial, fiscal and industrial policies, and will guide more financial resources into the private economy, said Pan Gongsheng, the bank's governor, at a symposium Thursday on enhancing financial support for private enterprises.
The financial sector is obliged to support the development of private enterprises, as the private economy is an important outcome of the development of the socialist market economy, as well as a key force for promoting economic and social development, Pan said.
Pan said the scale of instruments to support private enterprises in debt financing will be expanded, and work will be done to strengthen the financial market's support for private enterprises.
He called on financial institutions to create a favorable environment for the development of private enterprises, enhance their willingness, capacity and sustainability in terms of taking loans, and provide them with reliable, efficient and convenient financial services.
Pan also pledged to precisely implement differentiated housing credit policies, meet the reasonable financing needs of private real estate enterprises and promote the sound development of the real estate sector.
China's service trade value grew 8.5 percent year on year in the first six months of this year, data from the Ministry of Commerce showed on Thursday.
Total trade value stood at 3.14 trillion yuan (about 439.19 billion U.S. dollars), according to the data.
Service exports declined 5.9 percent year on year to 1.32 trillion yuan, and service imports were 1.81 trillion yuan, up 22.1 percent from a year ago.
The service trade deficit stood at 489.4 billion yuan in the first half of the year, the data showed.
China's trade of knowledge-intensive services maintained steady growth in the period, rising 12.3 percent year on year to about 1.36 trillion yuan.
The figure represents 43.5 percent of the total service trade in the first six months, up 1.5 percentage points from a year ago.
During the period, services related to the travel sector registered a notable recovery. Total trade value in the sector surged 65.4 percent from a year earlier to 650.94 billion yuan.
Exports and imports of travel services expanded by 52.4 percent and 66.4 percent year on year, respectively, according to the data.
AI is the Neat Handwriting of the Illiterate
A model in the hands of someone who has read the filing and walked the plant is a clerk. The same model, speaking for someone who has done neither, is a disguise. On AI slop, phantom citations and factslop, why finish stopped being evidence of work, and the containment layer KXCO built so a machine cannot speak as the institution until a source is attached.
Worthship: Do Not Conform to the Age
Worthship is the older English word for worship, and it means to ascribe worth. Bishop Robert Barron preached Romans 12 on 30 August. This essay follows the text into the prison letters, and puts two questions to a graph: do the four readings of that Sunday agree, and was Paul free or in chains when he wrote about despair?
The Truth in All Its Ugliness Must Survive
A majority vote does not determine the truth. Consensus is a mood, gossip is a sport, and a model will write the pretty version for free. Why the ugly number has to survive, why a record beats a dashboard, and what KXCO was built to keep standing when the room changes its mind.
Don't Be the Best, Be the Only: Winning in an AI World
AI is repricing competence downward. What it cannot reproduce is a life. The case for remaining non-fungible, why friction still produces the best ideas, and what it means to build AI systems that keep the human intellect in them.
Every story, signed and delivered.
Subscribe to the kxco channel and get the headline, the AI-written key takeaways, and the chain-anchor link the moment we publish. Audio versions and per-ticker subscriptions arrive in the next iteration.