Software Revenue Posts Strong Growth
Revenue from China's software industry jumped 24.5% year on year to 1.39 trillion yuan in 1H 2013, with gross profit rising 21.5% year on year to 141.3 billion yuan, the Ministry of Industry and Information Technology said. Software revenue from the top 15 cities added up to 790.3 billion yuan, up 27.2% year on year and representing 56.8% of the total. Software exports rose 10.3% year on year to $17.4 billion in 1H 2013. Investment in the electronics industry rose 10.4% year on year to 473.1 billion yuan in 1H 2013, the ministry added.
Petrochemical Profits to Rise 10%
China's petrochemical industry is projected to post 13.5 trillion yuan in revenues and 900 billion in gross profits this year, up 11.2% and 10% respectively from 2012, the China Petroleum & Chemical Industry Federation predicted.
China Audits Government Debt
China will start a nationwide audit of debts owed by governments at all levels, the National Audit Office said, following an order from the State Council. In an audit of 36 local governments earlier this year, their total outstanding debt grew 12.9% during the past two years. China's total debt is alarmingly at around 210% of gross domestic product, much higher than other emerging markets, Goldman Sachs warned yesterday in a research report.
China to Invest 3.7 Trillion Yuan in Pollution Control
China's direct investment in air and water pollution treatment is expected to total 3.7 trillion yuan, said Wang Tao, an official with the Ministry of Environmental Protection, without giving a timetable. The ministry has begun revising the existing quality standards of surface water, and new standards are expected to be released by the end of this year for public opinions. The output from the environmental protection and energy conservation industry amounted to 7 trillion yuan in 2010 from 2 trillion yuan in 2006, and is projected to reach 10 trillion yuan by the end of 2015, according to Wang.
PE Get Nod to Issue Bonds
Private equity firms will be allowed to issue bonds to raise funds for small and microsized businesses, the National Development and Reform Commission said, adding that shareholders and limited partners of PE firms will be allowed to issue bonds to expand the firms' capital base. This is the first time PE firms are allowed to issue corporate bonds since April 2009, when China-Singapore Suzhou Industrial Park Development Group issued 500 million yuan from corporate bonds.
China to Deregulate Investment by Insurance Funds
China is considering allowing insurance funds to invest in more areas to make them more market-driven, the Shanghai Securities News reported, citing sources from the China Insurance Regulatory Commission. Regulatory restrictions on insurance funds investing in the infrastructure sector will likely be removed, and insurance funds are encouraged to invest in strategic and emerging industries and to offer funding to small and midsized businesses, according to the sources.
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