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|BEIJING Anthony Gose Jersey , Feb. 5 (Xinhua) -- China's only rural policy bank plans to lend about 100 billion yuan (15.9 billion U.S. dollars) by 2020 to support the maritime economy.
The financing will mainly go to modern fisheries, strategic and emerging maritime sectors such as maritime medicine and renewable energy, as well as infrastructure and public services, according to guidelines issued by the State Oceanic Administration and the Agricultural Development Bank of China.
The rural policy bank's announcement came about 10 days after the country's central bank and other government agencies decided to strengthen financial support for China's maritime economy by increasing bank loans and diversifying financing channels.
The gross output of China's maritime industry grew by 7.5 percent annually on average over the past five years, accounting for nearly 10 percent of the country's GDP. The sector generated 7.8 trillion yuan last year.
China expects the maritime industry to be worth 10 trillion yuan by 2020 and account for around 15 percent of GDP by 2035.
An electronic screen displaying trading data is seen at the New York Stock Exchange in New York Anibal Sanchez Jersey , the United States, on Feb. 5, 2018. U.S. stocks closed sharply lower on Monday, with the Dow plummeting 4.60 percent, as the market took a heavy hit from panic sales. (XinhuaWang Ying)
NEW YORK Alan Trammell Jersey , Feb. 5 (Xinhua) -- U.S. stocks closed sharply lower on Monday, with the Dow plummeting 4.60 percent, as the market took a heavy hit from panic sales.
The Dow Jones Industrial Average dropped 1,175.21 points, or 4.60 percent Al Kaline Jersey , to 24,345.75. The S&P 500 slumped 113.19 points, or 4.10 percent, to 2,648.94. The Nasdaq Composite Index sank 273.42 points Detroit Tigers Hats , or 3.78 percent, to 6,967.53.
Monday's rout extended a steep sell-off from the previous session. On Friday, U.S. stocks plunged, with the Dow slumping over 650 points Detroit Tigers T-Shirts , as investors worried that the Federal Reserve may hike rates on a faster pace after an upbeat jobs report.
U.S. total nonfarm payroll employment increased by 200,000 in January, beating market consensus, and the unemployment rate stayed unchanged at 4.1 percent, the Labor Department reported Friday.
Analysts said the market is now thinking about the possibility of the Fed raising interest rates four times this year Detroit Tigers Hoodie , after the central bank in December suggested three more increases in 2018.
Investor sentiment was also dampened by a global rout in stock markets. Most European and Asian equity markets finished sharply lower Monday, with Japanese stocks suffering their biggest one-day drop since Nov. 9, 2016.
On the economic front, the ISM Non-Manufacturing Index registered 59.9 percent in January, 3.9 percentage points higher than the seasonally adjusted December reading and beating market consensus of 56.2 Custom Detroit Tigers Jerseys , the Institute for Supply Management (ISM) said Monday.
Meanwhile, the seasonally adjusted final IHS Markit U.S. Services Business Activity Index registered 53.3 in January, in line with market expectations.
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