Manufacturing Continues to Expand
China's official purchasing managers' index, a benchmark gauge for manufacturing, rose 0.2 points from a month earlier to 53.3 in April, marking the fifth straight month of rise, the China Federation of Logistics and Purchasing said. The reading was much lower than the 49.3 compiled by HSBC Holdings PLC and 2.7 points weaker than in the same month a year ago.
Compulsory Insurance Open to Foreign Capital
China has allowed foreign companies to compete in its market of compulsory insurance for traffic accident liabilities, the State Council said. Over 18 million vehicles were sold in China last year, the most in the world. The compulsory insurance made up 70% of Chinese property insurers' revenues in 2011.
Foreign Investments Profit $128b in 2011
China's return on foreign investment totaled $128 billion in 2011, the majority of which was generated from operations drawn from foreign exchange reserves, the State Administration of Foreign Exchange said. The nation's foreign assets have grown 26% annually and returns on foreign investment have grown 32% annually from 2004 through 2011.
China to Cut More Tariffs
China will reduce tariffs on some primary resources and raw materials as well as fast moving consumer goods to boost consumption and balance its trade as export pick up, the State Council said, without revealing details.
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