The cloud is growing

The cloud is growing: According to a new report by the International Data Corporation (IDC), in the first half of the year, China’s public cloud services market was worth $16.58 billion, a year-on-year growth rate of 45.4%. Alibaba Cloud 阿里云 had the largest market share of 34.5%, followed by Huawei Cloud 华为云 with 11.6%.

Jump in lending: According to the People’s Bank of China 中国人民银行, the balance of loans by Chinese financial institutions in the third quarter was 210.76 trillion yuan ($29.18 trillion), a year-on-year increase of 11.2%. In the first three quarters, loans increased by 18.08 trillion yuan ($2.50 trillion), an increase of 1.36 trillion yuan ($188.30 billion) year-on-year.

ZTE profits are up but Huawei is shtum: Yesterday, ZTE 中兴通讯 reported revenue for the third quarter of 32.71 billion yuan ($4.53 billion), a year-on-year increase of 6.46%, and net profit of 2.25 billion yuan ($312.45 million), a year-on-year increase of 27.05%. Huawei 华为 reported sales revenue for the third quarter of 144.20 billion yuan ($19.98 billion), but it did not disclose a net profit margin.

Milk profits down: Yesterday, Yili Group 伊利集团, China’s largest milk producer, reported revenue for the third quarter of 30.28 billion yuan ($4.19 billion), a year-on-year increase of 6.72%, and net profit of 1.92 billion yuan ($267.39 million), a year-on-year decrease of 26.46%. The company ascribed the profit drop to stiff competition and high marketing costs.

Over 80 billion express deliveries: Yesterday, the State Post Bureau reported that, from January to September this year, China’s express delivery companies delivered 80.01 billion items, a year-on-year increase of 4.2%; and total industry revenue was 768.89 billion yuan ($106.58 million), a year-on-year increase of 3.5%.