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China Firms Encouraged to Expand in Africa
The government is encouraging Chinese companies to invest in Africa's transport, telecommunications, electricity and hydropower infrastructure projects, premier Wen Jiabao said. China will also offer $20 billion worth of preferential loans to African nations in the next three years, according to president Hu Jintao. As of the end of June, China has invested $45 billion in Africa, 60% of which were in the manufacturing, financial and construction industries and 25% of which were in the mining industry.
China to Buy US Assets via GM Pension
The Chinese government has agreed to buy investment stakes currently held by General Motors Co's (NYSE: GM) pension plan, potentially making it a sizeable investor in many of the US and Europe's largest private equity funds, the Financial Times reported. The State Administration of Foreign Exchange, which manages China's $3 trillion in foreign exchange reserves, will pay $1.5 billion to $2 billion for GM's positions in blue chip private equity funds managed by firms including Carlyle Group, Blackstone and CVC Capital Partners.
Cellphone More Popular Than PC for Chinese Netizens
There were 538 million internet users in China as of the end of June 2012 after the cyber population increased by 24.5 million in 1H 2012, according to the China Internet Network Information Center. Cellphones have replaced personal computers to become the most used device to access the internet.
EMS Revenue Up 40% in 1H
Revenue from China's express mail service rose 39.7% year on year to ¥46.82 billion in 1H 2012, according to China Post. The EMS segment market delivered 2.39 billion items during the period, up 51% from a year earlier.
$1 = ¥6.31
@2011 China Economy @ The China Perspective.
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