Industrial Profits Contraction Slows
Chinese industrial companies' profits fell 1.7% from a year ago to ¥468.2 billion in June, the third straight month of decline, the National Bureau of Statistics said, adding that the decline was much slower than the 5.3% recorded in May. During 1H 2012, industrial profits dropped 2.2% year on year to ¥2.31 trillion; industrial profits made by state-owned enterprises were down 10.9% to ¥690.5 billion and industrial profits made by foreign-funded firms were down 13.4% to ¥522.1 billion.
Electronics Making Profit Tumbles 26% Jan-May
Revenue from China's electronics manufacturing industry rose 10% year on year to ¥3.14 trillion while the industry's profit slipped 25.6% to ¥80.1 billion in January-May, the Ministry of Industry and Information Technology said. Almost 27% of all electronics makers tracked by the ministry reported losses as a result of flagging demand and rising costs.
Banking Assets Up 19.6% in a Year
Chinese financial institutions had ¥124.56 trillion in assets and ¥116.64 trillion in liabilities as of the end of June, up 19.6% and 19.3% respectively from a year earlier, according to the nation's banking regulator.
Changsha Unveils ¥829b Infrastructure Plan
Changsha, the capital of central China's Hunan province, unveiled an ambitious infrastructure development package that would require investments of ¥829.2 billion amid weak economic growth. The plan gave no timeframes and no details on how the 195 projects would be financed.
$1 = ¥6.33