Private Capital Encouraged to Invest in Insurance
China raised the maximum private ownership in insurers to above 20% and encourages the private sector to invest in insurance companies, the insurance regulator said. The move came after the banking and securities regulators announced similar measures to attract private capital.
Telecom Revenue Up 10% Jan-May
China's revenue from telecommunications services rose 9.7% year on year to ¥428 billion during the first five months of 2012, the Ministry of Industry and Information Technology said. Over 10.67 million people subscribed to mobile services in May, taking the total number to 1.32 billion. Between January and May, the number of mobile phone users increased by 54.57 million, including 38.25 million 3G service users.
$1 = ¥6.32