Bank Lending Bounces Back
China's new Renminbi-denominated loans totaled ¥793.2 billion in May, up from ¥681.8 billion a month earlier and ¥241.6 billion more than a year earlier, according to central bank figures. Renminbi-denominated deposits increased ¥1.22 trillion last month, ¥114.3 billion more than a year earlier.
Minimum Wages to Rise 13%pa Through 2015
China's minimum wages will rise 13% annually through 2015 and paid annual leaves will be mandatory for all registered companies in a bid to stimulate consumer spending and travel demand, according to a plan released by the State Council, China's cabinet.
Starting Salary for College Grads Averages ¥2,766
Starting salary for China's university graduates averaged ¥2,766 per month in 2011, up ¥287 from the year before, according to a report. Of all college graduates, 82.1% found a full-time or part-time job within six months of leaving school, 1.6% were self-employed and the remaining 9.3% were unemployed. Close to 6.1 million students graduated from college in 2011, and 570,000 are jobless.
May Job Ads Down 1% from Apr
51job Inc (Nasdaq: JOBS), China's largest human resource service provider, said 2.21 million job ads were posted at its namesake website per day in May, down 1% month on month and up 11% year on year. Sharper declines were seen in second and third tier cities.
$1 = ¥6.33