China has raised the amount of cash that banks must set aside by half a percentage point to 21.5% as the government struggles to combat inflation that hit a 34-month high of 5.5% in May. It was the sixth interest rise so far this year. The latest rise is expected to freeze ¥380 billion of loans and cut net interest income by ¥5 billion.
China's electricity consumption rose 12% year on year to 1.85 trillion kW hours in the first five months, said the National Energy Administration. Power consumption in the secondary industry was up 11.7% year on year to 1.39 trillion kW hours during the same period.
China attracted $9.23 billion in FDI in May and $48.03 billion in the first five months, up 13.4% and 23.4% respectively from the same periods a year ago, said the Ministry of Commerce.
China made $20.35 billion of non-financial investments overseas in 110 countries and regions in the first five months, up 42.3% from the same period a year earlier, said the Ministry of Commerce. By the end of May 2011, China's non-financial offshore investment amounted to $279.2 billion.
Revenue of China's entertainment and media industry grew 13.9% to $86 billion in 2010, and is expected to surpass Germany as the world's third largest market after the US and Japan this year, according to a PwC report.
28% of Chinese companies planned to hire new employees, and 54% planned to maintain their current headcount in Q3 2011, according to a survey by human resource consultancy Manpower.
Chongqing Airport, a hub in southwestern China, will start building its third terminal this year, and the 500,000m2 facility is expected to increase the airport's passenger traffic to 60 million people by 2015 when operational, said mayor Huang Qifan.
$1 = ¥6.48
You are currently reading
total words in this article.
To continue reading this article, you must be a subscriber. Log in now..