January 11 – Output from China's petrochemical industry will expand 31% to ¥11.2 trillion during the past year, the China Petroleum and Chemical Industry Federation predicted. Revenue from the industry is projected to rise 30% to ¥10.9 trillion and gross profit to rise 19% to ¥810 billion in 2011. China's consumption of crude oil will grow 5.3% to 480 million tons and consumption of natural gas will grow 15.3% to 148.2 billion m3 this year, according to the Federation.
January 10 – Output from China's textile industry will grow 5% to 8% annually to ¥6 trillion and the value of the industry's exports will grow 8% to 10% annually to $300 billion by the end of 2015, according to the China National Textile and Apparel Council.
January 10 – China's trade surplus unexpectedly widened to $16.52 billion in December after import growth hit a two-year low, defying forecasts that the trade surplus would narrow, customs figures show. Exports were up 13.4% year on year to $174.72 billion while imports were up 11.8% to $15.82 billion last month. However, the trade surplus for 2011 shrank to $155.14 billion and the total value of China's bilateral trade jumped 22.5% to $3.64 trillion.
January 10 – China will need seven million apartments to house retirees by the end of 2015 and up to 160 million such apartments between 2016 and 2020, according to a government report. Building the seven million apartments needed by 2015 will require ¥1.56 trillion and building 16 million apartments annually in the five years starting 2016 will require ¥5.62 trillion, the report estimates.
December 29 – China's 24 provincial-level regions raised their minimum wages this year by an average of 22%, according to the Ministry of Human Resources and Social Security.
December 27 – The Chinese government will step up efforts to help small and midsized businesses secure bank loans in 2012, according to Miao Xu, the minster for industry and information technology. Small and midsized businesses are responsible for 60% of gross domestic product, 50% of corporate tax takes and 80% of urban employment.
December 27 – As many as 18.9% of employees in China changed their jobs this year, the highest level since 2008, according to a report released by 51job Inc (NASDAQ: JOBS), the nation's largest human resource service provider. The report also predicted salaries in China would rise 9.8% on average in 1H 2012.
December 26 – China's industrial output is expected to expand 13.9% this year and slow to 11% next year, according to Miao Xu, the minster for industry and information technology. The growth rate was 15.7% in 2010.
December 23 – China's securities regulator granted the first batch of licenses under a new pilot program that allows Renminbi-denominated funds raised offshore to be invested in China's capital markets, the Wall Street Journal reported, citing some of the funds and people familiar with the situation. The program represents a small, albeit significant, step toward broadening the channels through which the Chinese currency can flow back to the mainland. The next step for those that have been granted licenses is to apply with another government agency for their individual quotas. The initial overall quota is ¥20 billion.
December 23 – Sichuan province raised its minimum wage 23.4% to between ¥800 and ¥1,050 per month to attract workers amid a labor shortage.
December 23 – Investable personal assets in China will amount to ¥62 trillion by the end of 2011, with 35% of them possessed by those living in Shanghai, Beijing and Guangdong, according to a report by China Construction Bank.
December 20 – The population of urban China has for the first time exceeded the number of rural dwellers in 2011, according to a report released by the Chinese Academy of Social Sciences.
December 20 – China will step up the listing of central government-owned enterprises (COEs), said Wang Yong, director of the State-Owned Assets Supervision and Administration Commission. Chinese COEs posted ¥18.4 trillion in revenues and ¥831.7 billion in net profits during the first 11 months, up 16.5% and 3.6% year on year respectively. They had ¥27.8 trillion in total assets as of November 30, 2011, up 16.5% from a year earlier.
December 20 – China is proposing to eliminate its value-added tax on the distribution of vegetables to shield consumers from higher food prices, the Wall Street Journal reported. The proposal comes a year after a policy was introduced to increase food supplies, the key culprit behind inflationary pressures. A 17% VAT applies to enterprises engaged in import-export, production, distribution or retailing activities.
December 16 – China's minimum wage is just 25% of its per capita GDP, well below the average international level of 58%, according to a forum on the country's economic reforms. In comparison, the average salaries of Chinese civil servants and executives of government-owned companies are 6 times and 98 times the minimum wage, well above the average international levels of 2 times and 5 times respectively.
$1 = ¥6.32
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