¥4.6t Local Govt Debts to Expire in 2 Years
As much as ¥4.6 trillion in local government debts will expire in China in the next two years, statistics show. The amount accounts for 43% of total local government debts.
Chinese Banks Warned of High Risk of NPLs
Chinese banks are extremely fragile because lenders do not have enough capital to offset bad loans, Bloomberg reported, citing Jim Chanos, president and founder of the $6 billion hedge fund Kynikos Associates Ltd. Chinese lenders are saddled with nonperforming loans accumulated during the late 1990s and early 2000s, and are failing to recognize the losses on the bad loans after having carried out a lending binge since 2008, Chanos said.
China's Largest Used Car Market Opened
China's largest second-hand car marketplace has opened in Shanghai. The store can accommodate over 1,000 vehicles. Trading of second-hand vehicles in China totaled just four million last year, well below the more reasonable level of 20 million, which is equivalent to 20% of total vehicles in use.
China's Auto Sales Growth to Slow to 4% in 2011
Growth in China's auto sales will slow to 4.3% this year, the slowest pace in 10 years, UBS predicted. Total auto sales are projected to be 18.78 million in 2011; while ownership of passenger cars is expected to remain low at 44 per 1,000 people.
China's Logistical Costs Up 19% Through Oct
China's logistical expenses rose 18.7% year on year to ¥6.4 trillion in the first 10 months due to increased oil prices and labor costs, the China Federation of Logistics and Purchasing said.
China's Biomedical Output to Hit ¥3t by 2015
The output from China's biopharmaceutical industry will grow 20% annually, to ¥3.1 trillion by the end of 2015, according to a plan submitted to the Ministry of Industry and Information Technology for review.
Bond Trades at Shanghai Bourse to Total ¥20t in 2011
The value of bonds traded at the Shanghai Stock Exchange will likely exceed ¥20 trillion this year, according to Zhang Yujun, president of the bourse. The value was ¥7.5 trillion last year.
$1 = ¥6.36