China has cut its rare earth export quotas by 35% to 14,446 tons in the first round of permits for 2011. Roughly 25% of the quotas were allotted for foreign-funded companies. Usually 2 permits are issued every year.
China will raise the sales tax on vehicles with engines of 1.6L or smaller to 10% from 7.5% starting 2011 to ease congestion and air pollution caused by red hot auto sales.
The length of China's highways has extended 33,000km to 74,000km over the past 5 years, said transport minister Li Shenglin. According to the plan for the next 5 years, China will surpass the US (100,000km) within 2 years to have the world's longest system of highways. China invested ¥4.7 trillion in highway and waterway transport between 2005 and 2010, twice the amount for the previous 5 years, said Li.
China's textile industry posted ¥200.4 billion in profits in January-November, up 53.5% from the same period last year, according to the Ministry of Industry and Information Technology.
China's banking profits are expected to total ¥800 billion this year, predicted Yang Zaiping, deputy director of the China Banking Association.
China's software industry revenue grew 30% year on year to ¥1.21 trillion in January-November, according to the Ministry of Industry and Information Technology.
China's cement industry reported 16% gross margins and 7.83% in net profit margins in January-November, up 0.1 percentage point and 0.52 percentage points respectively from the same period last year, according to a joint report by Cbminfo.com and Sinolink Securities Co (SHA: 600109).
China's banks have lent ¥7.99 trillion as of 24 December 2010, said a well-informed source. The annual target is ¥7.5 trillion.
China has over 10,000 companies employing over 2 million people taking outsourced service orders valued at $15 billion in 2010, according to the Ministry of Commerce. The value is up 15% from last year.
Fuelled by ecommerce and cellphone games, revenue of China's mobile Internet services jumped 19.8% year on year to ¥5.11 billion in Q4, according to iResearch.
Shanghai is likely to allow foreign investors to invest in ¥-denominated private equity funds and venture capital fund, and the initial quota will be $3 billion, according to a government official and several fund managers.
Beijing city government said it would invest ¥150 billion extending the length of its subway network to 561km in the next 5 years.
$1 = ¥6.62