Banking Profit Growth to Slow Down in 2012
China's listed banks will see the growth in their earnings moderate to 20% in 2012, according to a report by Bank of Communications Co (SHA: 601328, HKG: 3328). Chinese listed banks profited a combined ¥692.1 billion in Q1-Q3 2011, up 32% from the same period a year ago.
Tempered Industrial Output Foreseen
China's industrial output is expected to expand 13.9% this year and slow to 11% next year, according to Miao Xu, the minster for industry and information technology. The growth rate was 15.7% in 2010.
China Considers Deficit Cut
China plans to slash its fiscal deficit by ¥100 billion to ¥800 billion, or 1.5% of gross domestic product, in 2012 as the economy is expected to slow, a person familiar with the matter said.
Tourism Revenue to Top ¥2.5t by 2015
Revenue from China's tourism industry is estimated to grow 10% annually to ¥2.5 trillion, accounting for 4.5% of gross domestic product and 10% of total consumer spending by the end of 2015, according to the National Tourism Administration.
China, Japan Reach Currency Deal
China and Japan will promote direct trading of their currencies and will encourage the development of a market for companies involved in the exchanges, Bloomberg reported, citing the Japanese government after the premiers of the two countries met. The deal will reduce currency risks and trading costs. China is Japan's biggest trading partner with $340 billion in two-way transactions last year.
Weibo Users to Total 254m
The number of active microblogging users in China will amount to 254 million by the end of 2011, up 150.7% from a year earlier, Analysys International predicted.
Online Gaming Revenue to Rise 21% in 2011
Revenue from China's online gaming market will rise 20.7% from a year earlier to ¥55.7 billion in 2011 and to ¥69.9 billion by the end of 2014, Analysys International predicted.
Highway Passenger Traffic Up 8% Through Nov
Highway passenger traffic in China totaled 2.79 billion people in November and 29.99 billion people between January and November, up 9.5% and 7.8% respectively from the same periods a year ago, according to the Ministry of Transportation.
$1 = ¥6.32