China's FDI Slides 13% in Dec
Foreign direct investment in China dropped 12.7% year on year to $12.24 billion in December, the second consecutive month of decline, as Europe's debt crisis dented local companies' sentiment, according to the Ministry of Commerce. However, China's FDI rose 9.7% to a record $116 billion and 27,712 foreign businesses were given licenses to operate in the country in 2011.
China's Car Aftermarket Worth ¥490b
The value of China's after-sales auto service market will more than double to ¥490 billion this year from ¥240 billion in 2009, the China Automobile Dealers Association predicted.
128m 3G Users in China
China had 128 million 3G service subscribers as of the end of 2011, the Ministry of Industry and Information Technology said.
Cross-Bankcard Transactions Turnover Nears ¥16t
The turnover of cross-bankcard transactions in China grew over 40% to ¥15.9 trillion in 2011, fueled by transactions at shopping malls, restaurants, hotels, supermarkets and gas stations.
No Hard Landing for China Despite Slower Growth
China's Q4 growth, while the slowest in more than two years, was stronger than many analysts had forecast and was a blow to those predicting a hard landing for its economy, Bloomberg reported, citing Jim O'Neill, who coined the term BRIC a decade ago. That 8.9% rate exceeded the 8.7% median estimate of 26 economists surveyed by Bloomberg and was above the 8% that signals a soft landing.
China, UAE Seal Currency Deal
China signed a currency swap deal worth $5.54 billion with the United Arab Emirates to further increase the influence of the Renminbi. China has reached currency swap deals with South Korea, Malaysia, Indonesia, Belarus, Argentina, Iceland, Singapore, New Zealand, Uzbekistan and Mongolia since December 2008.
$1 = ¥6.32