First Jan-Feb Drop Seen in Industrial Earnings
Chinese industrial profits declined 5.2% year on year to ¥606 billion in the first two months of 2012, marking the first January-February profit drop since 2009 as a result of the slack export and property markets. Industrial profits reaped by state-owned companies were down 19.7% to ¥179.1 billion; industrial profits reaped by foreign-funded companies were down 18.9% to ¥141.9 billion; industrial profits reaped by the private sector however expanded 24.4% to ¥200.2 billion. The figures were based on those posting at least ¥20 million in annual revenues.
Wine Industry Posts Solid Growth
China's wine production rose 13% to 1.16 million kiloliters in 2011, making the country the world's seventh biggest producer, according to Yang Qiang, a wine expert with the China National Food Industry Association. The nation's wine industry reported ¥38.46 billion in revenues and ¥5.07 billion in gross profits last year, up 21.1% and 14% respectively from 2010. China imported 361,600 kiloliters of wine valued at $1.39 billion in 2011, up 27.6% and 80.9% respectively from 2010.
China's Economy to Hit Trough in Q1
China's economic growth will bottom out in Q1 2012 with a 8.2% to 8.3% rate before moderately bouncing back in the second half, predicted Gao Ting, UBS Wealth Management's chief China strategist, adding that the country's gross domestic product will grow 8.5% for the full year, compared to the 7.5% target set by the central government.
E-Commerce Turnover to Top ¥18t
Turnover of China's e-commerce transactions will total ¥18 trillion in the five years through 2015, double the amount seen in the previous five-year period, according to a plan released by the Ministry of Industry and Information Technology. Of the ¥18 trillion, ¥15 trillion will be B2B transactions.
$1 = ¥6.3
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