China's FDI Continues to Contract
Foreign direct investment in China fell 0.3% year on year to just under $10 billion in January, marking the third month of decline in a row as Europe's debt crisis cut corporate spending, figures from the Ministry of Commerce show.
China's Growth Less Dependent on Trade
China's economic growth was 50.1% driven by foreign trade in 2011, down significantly from 67% from five years earlier, and this percentage is expected to drop further in the years to come, China Customs said.
China's Software Revenue Up 32% in 2011
Revenue from China's software industry grew 32.4% to ¥1.84 trillion in 2011, the Ministry of Industry and Information Technology said. China exported $30.4 billion worth of software last year, up 18.5% from 2010. The top 100 software developers posted ¥342.3 billion in revenues in 2011, up 15% from a year earlier.
China Took $32b of Outsourced Contracts in 2011
China received $32.39 billion of service contracts outsourced by other countries in 2011, up 63.6% from the year before, the Ministry of Commerce said. The value of contracts from the US, EU and Japan combined represented 68.9% of the total.
China Axes Railway Projects
China will kick off just nine railway projects with a total investment of ¥4 billion this year, well below the 70 projects in 2011, a well-informed source said. There will be 249 railway projects costing a combined ¥389 billion underway throughout 2012, according to the source.
China Trims US Govt Debts
China, the largest US Treasury bond buyer, cut its holdings in December to the lowest level since June 2010 as the nation tries to increase its role in addressing Europe's debt crisis. China reduced its US debt securities 2.8% from November to $1.11 trillion as of the end of December, according to Treasury Department data. Its position in longer-term notes and bonds also fell 2.8% to $1.1 trillion, the lowest since June 2010.
$1 = ¥6.3