China's Minimum Wages Up 22%
China's 24 provincial-level regions raised their minimum wages this year by an average of 22%, according to the Ministry of Human Resources and Social Security.
State Companies to Net ¥900b in 2011
China's central government-owned enterprises are expected to generate ¥900 billion in net profits this year, according to the State-Owned Assets Supervision and Administration Commission. The amount was ¥848.98 billion last year.
China World's Third Largest Digital Market: VivaKi
China has become the world's third largest digital market with 500 million netizens, 60 billion web pages and 95 million sold smartphones, according to VivaKi, a consultancy owned by France's Publicis Groupe. Chinese netizens spend an average 18.3 hours on the internet every week, VivaKi added.
China's Inflation to Rise 5.4% in 2011: BoC
China's gross domestic product will expand 9.3% and the consumer price index will grow 5.4% this year, according to a report released by Bank of China Ltd (SHA: 601988, HKG: 3988). It predicted the Chinese economy would grow 8.8% and inflation will scale back to 3.5% on pressure for the Chinese currency to appreciate next year, when bank lending may rise to ¥8 trillion from this year's estimated ¥7.5 trillion.
QFII Quota Slashed
China's approval of Qualified Foreign Institutional Investors quota totaled $1.92 billion in the year through December 21, a four-year low that was substantially down from the $3.05 billion approved for 2010, according to figures from the State Administration of Foreign Exchange. The quota is the amount investable by foreign institutional investors in China's capital market.
$1 = ¥6.31