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May 23 – Chinese spending on business trips totaled $182 billion in 2011, second only to the US, according to the Global Business Travel Association. It is predicted that Chinese spending on business travel will total $202 billion this year and $245 billion next year.
May 21 – China will encourage the private sector to invest in its railways, the Ministry of Railways said. A document from the ministry states it will try raising funds for railway projects, back railway firms going public, issue railway bonds and encourage insurers to invest in railways. The ministry has had difficulty securing financing since a deadly high speed train crash last July. Fixed asset investment in railroads contracted 48.3% year on year to ¥89.6 billion in the first four months of this year, slightly slower than the 51% recorded for the first three months.
May 17 – China's carriers reported a combined ¥1.84 billion in gross profits in April, turning around from ¥180 million in the red a month earlier, the Civil Aviation Administration of China said. However, the amount was down 46% from the same month a year ago. Air passenger traffic grew 6.9% year on year to 26.05 million people in April nationwide while air cargo traffic dropped 6.9% to 445,000 tons.
May 16 – Fixed asset investment in China's railroads fell 48.3% year on year to ¥89.6 billion in the first four months of 2012, Ministry of Railways data show. The deceleration moderated from a 51% drop between January and March, indicating a turnaround in the industry.
May 8 – The civil aviation industry in China saw its profits drop 13.9% to ¥36.3 billion in 2011 as a result of ballooning international aviation fuel prices, the Civil Aviation Administration of China said. Earnings reaped by airlines were down 17.7% to ¥27.8 billion, and fuel as a percentage of total costs climbed over 40%.
May 7 – China's rail passenger traffic totaled 606.48 million people and rail cargo traffic totaled 1.33 billion tons in the first four months of 2012, up 2.8% and 3.8% respectively from the same period a year ago, the Ministry of Railways said.
May 3 – China's powerful Ministry of Railways reported ¥6.98 billion in losses in Q1 2012 and ¥4.01 trillion in assets and ¥2.43 trillion in liabilities as of the end of March. Loans as a percentage of its funding sources have risen 4.2 percentage points from six months earlier to 66.8%.
April 19 – China is encouraging the private sector to invest in the nation's transport infrastructure and services to foster a stable, fair and open market, the Ministry of Transportation said. Fixed asset investment in the transport industry tumbled 57.5% year on year to ¥85.32 billion in March.
$1 = ¥6.34
@2011 China Economy @ The China Perspective.
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