China Says It Has No Stimulus Plan
China has no plan to roll out massive stimulus measures similar to those unveiled in late 2008, according to the official Xinhua News Agency. Credit Suisse predicted earlier in the week that the Chinese government would launch a ¥2 trillion package to revive the slowing economy.
E-Commerce Turnover Nears ¥6t
Turnover of e-commerce transactions in China expanded 29.2% to ¥5.88 trillion in 2011, according to a report released by the Ministry of Commerce. The amount was equivalent to 12.5% of gross domestic product. The number of online shoppers climbed to 194 million last year, and online retail sales added up to ¥782.56 billion, or 4.3% of total retail sales.
Plastics Industrial Output Slows in Apr
Output from China's plastics industry grew 16.9% year on year to ¥476.2 billion in the first four months of 2012, according to the China Light Industries Association. In April alone, industrial plastic output was up 12.9%, eight percentage points slower than in March.
$1 = ¥6.33