Wen Urges 'Reasonable Growth' of Govt Investment
China's priority is to ensure "reasonable growth" of investment which will be a tough task in the long run as the nation's economic gravity shifts toward consumer spending, premier Wen Jiabao said. Investments in the hi-tech and emerging industries will prevail, with strong fiscal and financial support, Wen noted. China's inflation eased to a 29-month low of 2.2% in June, giving the government greater leeway to take bolder actions to reinvigorate slack growth.
Box Office Receipts Top ¥7.7b in 1H
China's box office revenue rose 35% year on year to ¥7.7 billion in 1H 2012, with just 32.5% of that amount coming from ticket sales for domestic movies, the General Administration of Radio, Film and Television said. Ironically, 103 of the 141 movies screened in 1H 2012 were domestically made, showing China's growing appetite for American movies.
Industry Salary Gap Significantly Narrowed
The financial industry whose average annual salary was ¥91,364, the highest in China, was 4.48 times the agriculture industry's ¥20,745 in 2011, according to figures from the Ministry of Human Resources and Social Security. The gap has been slashed from 11.86 in 2010. The gap peaked at 15.93 in 2008.
$1 = ¥6.32