SOE Profits Continue to Fall
China's state-owned enterprises (SOEs) reported ¥23.29 trillion in revenues and ¥1.2 trillion in gross profits in the first seven months of 2012, up 10.4% and down 13.2% respectively from the same period of last year, according to the Ministry of Finance. Rising operating expenses were blamed for the decline in earnings.
FDI Dips for Second Straight Month
Foreign direct investment in China declined 8.7% from a year earlier to $7.58 billion in July amid sputtering economic recovery and Europe's debt crisis, the Ministry of Commerce said. It was the second straight month that saw a year on year decline in FDI as well as the biggest monthly year on year decline so far this year, depicting a gloomy outlook for the nation's export sector in 2H 2012. Between January and July, FDI dropped 3.6% to $66.67 billion.
Offshore Non-Financial Investment Up 53% Through Jul
China's offshore non-financial investment shot up 52.8% year on year to $42.22 billion in the first seven months of 2012, the Ministry of Commerce said. Close to 57% of the nation's offshore non-financial investment was made in commercial services, followed by 15% in mining, 10% in wholesaling and retailing and 7.8% in manufacturing.
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