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Industrial Profits Dip 1.6% Jan-Apr
China's industrial profits declined 1.6% year on year to ¥1.45 trillion in the first four months of 2012, the National Bureau of Statistics said. Industrial profits made by state-owned enterprises were down 9.9% to ¥457.8 billion and industrial profits made by foreign-funded firms were down 13.2% to ¥340.6 billion during the quarter. The contraction was a little faster than in the first three months.
China Seeks Private Capital in Banks
China is encouraging private investment in its banking sector as it tries to reinvigorate the slowing economy and help small firms secure funds. Qualified companies can buy into lenders through private stock placements or new share subscriptions, equity transfers or mergers and acquisitions, according to the China Banking Regulatory Commission. Private investment in trust, financial leasing and auto-financing companies are also welcomed by the authority.
Greater Power Shortage Expected for Summer
Electricity supply may fall short of 37 million kW this summer as power producers remains reluctant to work after the recent price increases were smaller than expected, State Grid warned. The shortage, which will be more severe than last year's 30.55 million kW, adds to concern over the nation's slowing manufacturing-based economy.
Online Billing Turnover Doubles in Q1
China's online billing turnover surged 112.6% year on year to ¥776 billion in Q1 2012, according to iResearch.
China Plans New Policies for Auto Market
The Chinese government is working on a round of policies for the slowing auto market, including subsidies to spur purchases, people with knowledge of the issue told Reuters. Cars with smaller displacements or environmentally friendly technologies and car-buying farmers will be subsidized, according to the source.
Medical Device Revenue Worth ¥400b
Revenue from medical equipment sales in China is currently worth ¥400 billion and is expected to grow 20% annually in the years to come, according to an industry forum. Up to 70% of high-end devices like pacemakers are imported.
Recycling Economy to Be Worth ¥1.5t by 2015
Output from China's recycling industry is expected to total ¥1.5 trillion by the end of 2015, according to the five-year plan released by the National Development and Reform Commission.
Yuan, Yen Go for Direct Trade
Direct settlement between the Chinese yuan and the Japanese yen is expected to take place in Shanghai and Tokyo by the end of June, China's official Xinhua News Agency reported, citing Japanese media. The move, which will make the yen the second currency to directly trade with the Chinese currency, is set to step up trade and investment activities between Asia's top two powers.
$1 = ¥6.32
@2011 China Economy @ The China Perspective.
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