China to Push for Global Role of Renminbi
China will step up its effort to turn Shanghai into a Renminbi trading center by offering new financial products and allowing foreign companies to issue debt denominated in the Chinese currency, the Wall Street Journal reported, citing a senior official with the city's Financial Service Office. China's National Development and Reform Commission released a blueprint in January for transforming Shanghai into a global financial hub by 2020.
Cement Industry Reports Strong Growth
Revenue and gross profit from China's cement industry jumped 36.9% and 67% to ¥919.78 billion and ¥102 billion respectively in 2011, the Ministry of Industry and Information Technology said. Cement output expanded 11.7% to 2.1 billion tons last year, 8.8 million tons of which were exported, fetching $530 million.
China to Try Methanol-Powered Autos
China will launch a pilot program in Shanghai as well as Shaanxi and Shanxi provinces to test the use of methanol-powered vehicles, the Ministry of Industry and Information Technology said. The program is aimed at assessing methanol's potential as a substitute for auto fuel.
Online Gaming Revenue to Grow 21%
Revenue from China's online gaming market is projected to grow 20.7% to ¥55.7 billion in 2012, according to Analysys International.
$1 = ¥6.29