HSBC Gauge Hints at Further China Monetary Easing
China's manufacturing may contract for a third straight month as a slowing economy boosts the case for the government to loosen credit controls, Bloomberg reported, citing a preliminary January reading of 48.8 for the nation's purchasing managers index released by HSBC Holdings Plc and Markit Economics. The reading was slightly up from 48.7 for December.
Fiscal Revenue Exceeds ¥10t in 2011
China's fiscal revenue grew 24.8% to ¥10.37 trillion and fiscal expenditures grew 21.2% to ¥10.89 trillion in 2011, according to the Ministry of Finance.
Jan Bank Lending to Total Up to ¥1t
New Renminbi-denominated loans may add up to between ¥900 billion and ¥1 trillion in January, an industry source said. The amount is slightly down from ¥1.04 trillion a year earlier.
Building Material Industry Earnings Up 50% Through Nov 2011
Profits from China's building material industry grew 50.2% year on year to ¥279.6 billion in the first 11 months of 2011, where profits from the cement industry were up 92.6% to ¥93.3 billion, the National Development and Reform Commission said.
Fertilizer Industry Earnings Up 36% Through Nov 2011
Profits from China's fertilizer industry grew 35.7% year on year to ¥357.7 billion in the first 11 months of 2011, the National Development and Reform Commission said.
Nonferrous Metal Industry Earnings Up 53% Through Nov 2011
Profits from China's nonferrous metal industry grew 52.8% year on year to ¥211.4 billion in the first 11 months of 2011, the National Development and Reform Commission said. Profits from nonferrous metal mining were up 52.3% to ¥65.9 billion and profits from nonferrous metal smelting were up 53.1% to ¥145.5 billion.
Steel Industry Earnings Up 30% Through Nov 2011
Profits from China's steel industry grew 29.9% year on year to ¥295.2 billion in the first 11 months of 2011, the National Development and Reform Commission said. Profits from ferrous metal mining were up 59.1% to ¥93.5 billion and profits from ferrous metal smelting were up 15.4% to ¥141.7 billion.
China's Rail Passenger Traffic Rises 11% in 2011
China's rail passenger traffic totaled 1.86 billion people and rail cargo traffic totaled 3.93 billion tons in 2011, up 11.1% and 8% respectively from the year before, the Ministry of Railways said.
Chinese Currency to Slow Appreciation in 2012
China's Center for Forecasting Science expects the appreciation of the Renminbi against the dollar to slow to 3% this year from 4.7% in 2011, the Wall Street Journal reported, citing center director Wang Shouyang. The slowdown reflects a growing demand for dollars at a time of economic uncertainty, decelerating Chinese growth and a diminishing Chinese trade surplus.
China to Extract 15.5b M3 of Shale Gas in 2012
China plans to extract 15.5 billion m3 of shale gas and use eight billion m3 in 2012, according to the National Energy Bureau.
12m Jobs Created in Urban China in 2011
China created 12.2 million jobs in urban areas in 2011, the Ministry of Human Resources and Social Security said. The urban unemployment rate stood at 4.1% as of the end of 2011.
Guangdong's GDP Cracks ¥5t Mark
Guangdong, China's largest provincial economy, said its economic output expanded 10% to ¥5.3 trillion in 2011, with per capita GDP up 8% to ¥50,500, or $7,819.
$1 = ¥6.31