China's GDP, CPI and property prices will expand 10%, 3.3% and 15% respectively in 2011, according to a report released Tuesday by the Chinese Academy of Social Sciences.
Bank lending in China has exceeded ¥7.5 trillion ($1 = ¥6.7), a cap set at the beginning of the year by the central bank to cool the overheated economy, Shanghai Securities News reported, citing a well-informed source. The nation's lenders extended ¥9.6 trillion in loans last year.
China's textile and garment exports value is expected to exceed $200 billion this year, an industry analyst told Yicai.com.
Shanghai's IT industry revenues are expected to hit ¥250 billion this year. The revenue rose 20% year on year in Q1-Q3. The industry has over 3,800 companies, of which 27 are listed overseas. The industry employs 300,000 people.
China South Locomotive & Rolling Stock Corp (SHA: 601766, HKG: 1766), a railway transportation equipment manufacturer, said Tuesday it will establish a 50:50 joint venture with General Electric Co (NYSE: GE) to develop high-speed railway projects in the US. Both will invest $50 million.
Fujian Sunner Development Co (SHE: 002299), a chicken supplier, said Monday it was planning to spend ¥200 million setting up a joint venture with Illinois-based Leges Corp to supply McDonald's (NYSE: MCD). The new company will have ¥200 million in registered capital, of which 51% will be funded by Sunner. The two will invest another ¥135 million beefing up chicken farm facilities. The joint venture is expected to produce 60 million chickens annually within 3 years. KFC is also a client of Sunner. Leges is owned by OSI, McDonald's largest global supplier.
Poly Real Estate Group Co (SHA: 600048) sold 6.3 million m2 fetching ¥57.1 billion in the first 11 months of 2010, up 28.9% and 41.6% year on year respectively.
Kaixin001.com, China's most popular social networking site, expects to generate between ¥250 million and ¥300 million in revenue for 2010, said vice president Guo Wei.