Wen Warns of Unstable Economic Rebound
China's economy is not on a track to stable recovery and current difficulties will probably continue for a while, premier Wen Jiabao said during his visit to Sichuan province. The nation's gross domestic product grew 7.6% year on year in Q2 2012, the first time the quarterly growth rate fell below 8% in three years. Analysts say the polices aimed at cooling the property market will not be eased in 2H 2012 and investing in infrastructure still will be the most effective economic stimulus.
Aviation Reverses Losses from May: Insider
China's civil aviation industry reported over ¥2 billion in gross profits in June, up 10% from a year earlier due to a rebound in demand for air services and continuous falling fuel prices, according to a source from the Civil Aviation Administration of China. The aviation industry posted ¥1.37 billion in the red last month in the wake of a depreciating Chinese currency and lackluster demand. Air passenger and cargo traffic totaled 25.3 million people and 429,000 tons in June, up 8.8% and down 41.5% respectively from a year earlier, according to the insider.
38.5m Tourists Arrive in China in 1H
More than 38.5 million mainlanders traveled overseas in 1H 2012, up 19.8% from the same period a year ago, according to figures from the Ministry of Public Security, which oversees outbound tourists. The top five destinations were Hong Kong, Macau, Taiwan, South Korea and Japan. The top five sources of incoming foreign tourists, which were up 4.6% year on year in number, were South Korea, Japan, the US, Russia and Malaysia.
$1 = ¥6.32