Industrial Profits Contract at Slower Pace
China's industrial profits declined 1.3% year on year to ¥1.04 trillion in Q1 2012, the National Bureau of Statistics said. Industrial profits made by state-owned enterprises were down 12.4% to ¥317.2 billion and industrial profits made by foreign-funded firms were down 12.6% to ¥251.5 billion during the quarter. The contraction eased from the first two months.
Export Slowdown Hits Current Account Surplus
China's current account surplus, the broadest measure of its trade balance, fell sharply from $60.5 billion in Q4 2011 to $24.7 billion in Q1 2012 as a result of a weaker export sector, according to figures from the State Administration of Foreign Exchange. The nation's export value rose just 7.6% between January and March, well below the 20.3% for the whole of last year.
Logistics Industry Output 16% of Service Sector
China's logistical fees grew 12.2% year on year to ¥1.9 trillion in Q1 2012; the rate was 5.7 percentage points slower than a year earlier, the China Federation of Logistics and Purchasing said. Output from the logistics industry expanded 10.8% to ¥800 billion during the quarter, accounting for 7.3% of GDP and 16% of the service sector.
Online Billing Receipts Total ¥776b in Q1
The turnover of online payments in China amounted to ¥776 billion in Q1 2012, up 112.6% year on year and 1.2% quarter on quarter, iResearch said. Alipay led the market with a 47.8% share, followed by Tenpay's 20.3%.
$1 = ¥6.28