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Trade Badly Beats Estimates
China's bilateral trade jumped 14.1% from a year earlier – far more than analysts had expected – to $343.58 billion in May, and its trade surplus widened by $300 million to $18.7 billion, customs figures show. In May, exports grew 15.3% year on year to $181.14 billion, compared to just 4.9% in the previous month; imports rose 12.7% to $162.44 billion.
Industrial Output Accelerates
China's value added industrial output expanded 9.6% year on year in May; the rate was 0.3 percentage points faster than the month before, the National Bureau of Statistics said. In May, the growth of light industries was 9.8% and the growth of heavy industries was 9.1%; output from state-owned industrials was up 6.6%, up 2.3 percentage points from April, and output from non mainland-funded industrials was up 6.7%, up one percentage point from April.
Fixed Asset Investment Slows
Fixed asset investment in China rose 20.1% year on year to ¥10.89 trillion in the first five months of 2012; the rate was 0.1 percentage points slower than in the first four months, the National Bureau of Statistics said. Fixed asset investment in the primary sector was up 37.1% to ¥260.9 billion; fixed asset investment in the secondary sector was up 23.9% to ¥4.91 trillion; fixed asset investment in the tertiary sector was up 16.4% to ¥5.72 trillion.
China's Demand for Aircraft to Keep Growing
China's aviation industry will need 150 to 200 new aircraft annually in the years to come, Wang Changshun, deputy director of the Civil Aviation Administration of China, said at the International Air Transport Association's annual conference. He predicted that air passenger traffic in China would amount to 350 million people this year, up from last year's 290 million.
Banking Assets Near ¥106t
China's banking sector had ¥105.8 trillion in total assets as of the end of 2011, up 19.1% from the year before, according to a report released by the nation's central bank. The banking sector employed 3.19 million people as of the end of 2011, 111,000 more than a year earlier.
Fiscal Revenue Tops ¥1.2t in May
China's government revenue grew 13.1% year on year to ¥1.2 trillion in May, the Ministry of Finance said. Government expenditures were up 10.8% to ¥916.5 billion during the same month.
$1 = ¥6.37
@2011 China Economy @ The China Perspective.
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