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China’s smartphone shipments fell 4.1 percent year on year in March to 26.94 million units, dat
a from the China Academy of Information and Communications Technology (CAICT) showed.
Last month, smartphones made up 94.9 percent of all mobile phone shipments in the country, ac
cording to a report from the CAICT, a research institute under the Ministry of Industry and Information Technology.
Despite the mobile phone market shrinking, the drop has been moderated, said the report.
Overall mobile phone shipments went down 6 percent in March, narrowing from the 1
.9-percent slump in February to 28.37 million units, among which 95.1 percent were 4G phones.
Chinese-brand mobile phones accounted for 90.5 percent of total shi
pments last month, up from 90.3 percent in February 2019, according to the report.
China’s foreign exchange reserves rose to $3.0988 trillion by the end of March, official data showed Sunday.
The amount increased by $8.6 billion, or 0.3 percent from the end of February, according to the State Administration of Foreign Exchange.
China’s peer-to-peer (P2P) lending industry will continue to shrink and cons
olidate due to tighter regulation and weak investor sentiment, Fitch Ratings said in a report.
The number of P2P investors and platforms declined steeply last year after regulators tightened supervision, and Fitch exp
ect more platforms to close or consolidate this year as reforms continue to take effect, leading to a smaller, less fragmented market.
Stronger regulation of P2P companies will be positive over the lo
nger term for a sector that has yet to be tested through economic cycles, the report said.
New regulations will also require many platforms to reduce their
reliance on retail investors, leading to a shift toward wholesale or institutional funding sources.
Lenders with more robust business models, established risk-management capabil
ities and more stable access to funding are likely to gain market share, according to Fitch.