Trade Value Set to Grow 10% in 2012
China's foreign trade is on the mend and is able to achieve the annual growth target of 10%, the Ministry of Commerce said. Bilateral trade in June will continue the favorable trends reported in May according to information from select firms and regions, the ministry said. China's bilateral trade value grew 14.1% year on year to a record $343.58 billion in May.
Non-Financial Offshore Investment Jumps 40% Jan-May
China's non-financial investment overseas shot up 40.2% year on year to $28.5 billion in the first five months of the year, the Ministry of Commerce said. The nation invested in 1,709 overseas firms across 115 countries and regions during the period. China's foreign debt amounted to $751.3 billion as of the end of March, up from $695 billion three months earlier, the ministry added. Over 76% of foreign debts were denominated in the US dollar.
Insurers Invest ¥4t Jan-May
Investment by Chinese insurers totaled ¥3.95 trillion in the first five months of 2012, including ¥1.99 trillion in bank deposits, the China Insurance Regulatory Commission said. The insurance industry collected ¥708 billion in premiums – ¥436 billion from life and casualty insurance and ¥219 billion from property insurance – between January and May and had ¥6.44 trillion in total assets as of the end of May.
Banking Assets Top ¥120t
China's banking sector had ¥120.01 trillion in assets and ¥112.04 trillion in liabilities as of the end of May, up 19.1% and up 18.8% respectively from a year earlier, the China Banking Regulatory Commission said.
$1 = ¥6.36