MARKET WATCH

The severe drought sweeps five provinces along the Yangtze River, causing heavy economic losses. By hiking non-residential retail electricity prices, the government tries to relieve nationwide power shortages. The manufacturing industry continues to lose momentum as reflected by the falling PMI. The central bank has issued licenses to 27 third-party payment service companies, marking the first step to reorganizing the crowded industry. Chinese PC giant Lenovo fares well, with profits skyrocketing in the fiscal quarter ending on March 31.