China Cuts Growth Target to 7.5%
Primer Wen Jiabao lowered China's economic growth target to 7.5%, down from around 8% since 2005, signaling the nation is shifting its focus from exports to consumer spending.
Non-Manufacturing PMI Contracts in Feb
China's non-manufacturing industries shrank for the first time in three months in February after the non-manufacturing purchasing managers index declined to 48.4, down from 52.9 a month earlier, according to joint figures from the National Bureau of Statistics and the China Federation of Logistics and Purchasing. On the contrary, the same gauge from HSBC hit a record high of 53.9 since October.
China to Kick Off High-Yield Bond Offerings
China will likely allow the issuance of high-yield bonds – also known as junk bonds – in 1H 2012 in a move to help small businesses fund their growth, Guo Shuqing, director of the China Securities Regulatory Commission, said on the sidelines of the ongoing annual sessions of the National People's Congress.
China Tops World in Wind Power Capacity
China installed 18 million kW of wind power capacity in 2011, bringing the total capacity to 65 million kW, the largest worldwide, according to a meeting on innovation in the wind power industry. The nation aims to run 200 million kW of wind power capacity by 2020.
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