Investment Still a Mainstay of China's Economy
China's growth still needs to be bolstered by investment although there is room to boost consume spending, Bloomberg reported, citing Justin Lin, the World Bank's chief economist. China needs to upgrade its industries and technology and improve productivity so investment is still important for the country, Lin added.
China's Power Usage to Slow in 2012
China's electricity consumption will grow 8.5% this year after expanding 11.7% to 4.69 trillion kW hours in 2011, the National Energy Administration said. In 2011, consumption by the primary sector totaled 101.5 billion kW hours; consumption by the secondary sector totaled 3.52 trillion kW hours; consumption by the service sector totaled 508.2 billion kW hours; and consumption by civilians totaled 564.6 billion kW hours.
China's Steelmaking Profits See Worse Month in Nov
China's largest 256 steel mills reported a combined ¥1.22 billion in profits in November, contracting ¥180 million from October to a record low, according to the China Iron & Steel Association. Gross margin for the industry declined by a 20th of a percentage point to 0.43%, the poorest of all industries.
324m Online Gamers in China
There were 324 million online game players in China in 2011, up 6.6% from the year before and representing 63.2% of the nation's total cyber population, according to the China Internet Network Information Center.
China to Foster HK Listings
The China Securities Regulatory Commission said it is revising regulations that will make it easier for smaller and non-state-owned companies to list in Hong Kong, the Wall Street Journal reported, citing CSRC deputy director Yao Gang. Yao also said the regulator also plans to encourage Chinese companies to launch Renminbi-denominated share offerings in Hong Kong this year. So far, only one company has successfully completed such an IPO since 2010.
$1 = ¥6.33
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