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China's Banking Profits Net ¥1t
China's banking industry posted a record ¥1.04 trillion in net profits in 2011, up 36.3% from the year before, according to the China Banking Regulatory Commission. All financial institutions in the country had ¥113.28 trillion in total assets as of the end of 2011, up 18.9% from a year earlier.
China Cuts Bank Reserve Ratio
China has cut banks' reserve requirement ratio by half a percentage point, lowering the ratio at most large banks to 20.5%. The move will unleash ¥400 billion in bank lending and three to four similar cuts could be expected by the end of this year, experts say.
China's Jan Air Passenger Traffic Up 13%
China's air passenger and cargo traffic totaled 25.67 million people and 354,151 tons in January, up 13.2% and down 28.7% year on year respectively, the Civil Aviation Administration of China said.
China to Cut Energy Input for Manufacturing
China's energy consumption by the manufacturing sector will fall 21% between 2011 and 2015 compared with consumption levels from the previous five year period, according to the Ministry of Industry and Information Technology. The manufacturing sector guzzled the equivalent of 2.4 billion tons of coal in 2010, or 73% of the nation's total energy consumption.
China-US Trade Value to Top $500b in 2012
China signed $38.6 billion worth of bilateral trade deals with the US as vice president Xi Jinping wrapped up a state visit to the country, China's Ministry of Commerce said. The deals involved energy, agricultural, telecommunications and computer products. China-US trade value amounted to $446.7 billion in 2011 and is estimated by Xi to exceed $500 billion this year.
$1 = ¥6.29
@2011 China Economy @ The China Perspective.
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