China to Be Top Energy Importer: Opec
China will likely overtake the US as the world's largest crude oil importer in 2014 and its dependence on imported oil is estimated to reach 60%, according to an Opec report. Different from the US which is trying to wean off oil by exploring shale gas, China will not be able to do so because of technical barriers, the report says. China's crude oil imports rose 6.8% to 271 million tons in 2012, accounting for a record 58% of total consumption.
Tourism Revenue to Rise 11% in 2013
China's tourism sector is expected to receive 3.38 billion tourists and generate 2.87 trillion yuan in revenues in 2013, up 10% and 11% respectively from 2012, according to the China National Tourism Administration. The 3.38 billion tourists would include 3.25 billion from within and 133 million from overseas, up 10% and remaining unchanged respectively from 2012. The 2.87 trillion yuan would include 2.54 trillion yuan from domestic tourists and $48.5 billion from foreign tourists, up 12% and 1% respectively from 2012. The number of Chinese tourists traveling overseas is estimated to rise 15% to 95.7 million in 2013, and they are expected to spend $117.6 billion overseas, up 20% from 2012. China's tourism revenue grew 10.7% year on year to 1.4 trillion yuan in 1H 2013.
Corporate Debt 105% of GDP
China's corporate debt is equivalent to 105.4% of gross domestic product, higher than Japan and Italy and slightly lower than Britain and France, according to a report on the Chinese economy by Qiu Xiaohua, former head of the National Bureau of Statistics. Thinner margins and strained cash flow have impacted fixed-asset investment and the labor market, which in turn dampens macroeconomic conditions, the report says.
Temasek Upbeat About Chinese Banks
China's banking industry remains one of the most important parts of Temasek's portfolio as the Singaporean sovereign wealth fund continued to be upbeat about the world's second largest economy despite a slowdown, said Ding Wei, the head of Temasek China. Temasek said in a previous report that China is reshaping its economy for a more steady and sustainable structure. Temasek is a significant shareholder of China's large-cap banks.
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