The value of China's annual imports is expected to more than double to $3 trillion by 2015 from last year's $1.4 trillion, predicted Zheng Xinli, deputy director of the China Center for Economic Exchanges.
Central government-owned companies posted ¥2.77 trillion in revenues and ¥131.94 billion in net profits in January-February, up 27.4% and 30.2% year on year respectively, said the State Owned Assets Supervision and Administration Commission.
China's cargo traffic rose 13.2% year on year to 5.21 billion tons and passenger traffic rose 8.5% year on year to 5.85 billion people in January-February, said the National Development and Reform Commission.
China's consumption of petroleum rose 12.3% to 449 million tons in 2010, of which 55% were imported, according to a joint report by the China Petroleum Enterprise Association and China University of Petroleum. The nation's petrochemical firms reported a combined profit of ¥380 billion in 2010, added the report.
China's consumption of gold may climb to rival that of India – the top user – as investors buy the metal to hedge against inflation, said GFMS Ltd and INTL FCStone. Demand in China almost tripled to 580 tons last year from in 2001, according to the World Gold Council. Use in India may slump 5% to 26% this year from 963 tons in 2010, predicted Morgan Stanley.
Chinese prices of luxury watches, bags, clothing, wines and electronics are 45% higher than in Hong Kong, 51% higher in the US and 72% higher than in France, said commerce ministry spokesman Yao Jian, citing preliminary data.
China is about to keep the rate of its economic growth at 8% annually during the next 20 years and will become the world's largest economy by 2030, according to Justin Yifu Lin, chief economist and senior vice president of the World Bank.
German retailer Metro AG plans to double the number of its stores in China by 2015 from currently 49, said CEO Eckhard Cordes.
$1 = ¥6.56
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