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China May Expand OTC Trading for Unlisted Firms
China is considering expanding a trial program under which certain unlisted companies in Beijing are allowed to sell shares on an over-the-counter trading platform, the Wall Street Journal reported, citing a person familiar with the situation. The move will give small businesses, which have struggled to secure loans from state-owned banks, easier access to funding amid a slowing economy. Under the expansion, high-tech companies in Shanghai and Wuhan, the capital of central Hubei province, may be allowed to participate in the pilot program.
Half Chinese Automakers to Perish in 5 Years
Chinese automakers will continue to struggle in the next three years and half of them will probably fail to survive in the next five years, warned Dong Yang, deputy director of the China Association of Automobile Manufacturers. Auto sales in the country rose 2.9% year on year to 9.6 million units in 1H 2011, where sales of Chinese branded vehicles decreased 6.8% to 1.42 million units, dragging down their percentage from total auto sales by 3.6 percentage points to 27.2%.
China to Deregulate Aviation Market
China will deregulate its aviation market by supporting the development of budget airlines, said Li Jiaxiang, director of the Civil Aviation Administration of China. Chinese carriers were urged to lower fees to make air services more affordable. Separately, the National Development and Reform Commission said it is working on rules about opening the nation's low-latitude skies to private aircraft owners.
China to Probe US, South Korea Solar Products
China's Commerce Ministry said it is investigating possible solar equipment subsidies by the US and South Korea and their impact on Chinese manufacturers, widening a trade spat at a time of oversupply and weakening demand for solar power equipment, the Wall Street Journal reported. The ministry has launched an anti-dumping and anti-subsidy probe into polysilicon imports from the US, as well as an anti-dumping probe into imports from South Korea. The investigation will be completed before July 20, 2013 but may be extended for another six months under special circumstances.
Guangdong Economic Growth Slows to 7.4% in 1H
Gross domestic product of Guangdong, China's biggest provincial economy, grew 7.4% year on year to ¥2.62 trillion in 1H 2012, the provincial statistics bureau said. The growth rate was 2.8 percentage points slower than in 1H 2011.
$1 = ¥6.37
@2011 China Economy @ The China Perspective.
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