Hidden Income Twice Official Data
China's real personal income is twice as much as the amount reported by the National Bureau of Statistics, according to a joint survey on hidden income by Credit Suisse and the China Society of Economic Reform. In 2012, the official data was 21,810 yuan per year, while the survey's average was 43,663 yuan; and basically the higher the income group, the larger the gap. The following table compares the official data and the survey data.
Group / NBS data / Survey data / Multiple
Bottom 10%: 6,876 / 9,026 / 1.31
10-20%: 10,672 / 12,646 / 1.18
20-40%: 14,498 / 17,048 / 1.18
40-60%: 19,545 / 27,061 / 1.38
60-80%: 26,420 / 45,250 / 1.71
80-90%: 35,579 / 79,654 / 2.24
Top 10%: 58,842 / 188,448 / 3.2
Manufacturing Tipped to Recover
Preliminary HSBC China manufacturing purchasing managers index rose to a 6-month high of 51.2 in September, the second straight month that the reading is above the critical 50 mark that divides expansion or contraction compared with the previous month. The final reading was 50.1 in August.
Mobile Service Users Near 1.2 Billion
Revenue from China's telecommunications services rose 7.9% year on year to 922.12 billion yuan in the first 8 months, the Ministry of Industry and Information Technology said. The number mobile service users increased by 83.46 million to nearly 1.2 billion during the period, including 351 million 3G service users, or 29.4% of the total. The number of broadband users increased by 14.25 million to 184 million, including 153 million household users, or 83.1% of the total.
Airlines Profit 6.4 Billion Yuan in August
China's airlines posted a combined 6.4 billion yuan profit in August, up 8% from a year ago, the Civil Aviation Administration of China said. In August passenger traffic was grew 13.1% year on year to 34.76 million people; cargo traffic edged up 1% year on year to 463,000 tons. The top 3 carriers’ core business posted a 4.19 billion yuan loss for 1H 2013, so they would have been reported a combined operating loss if a combined 4.33 billion yuan foreign exchange gain was excluded.
China Buys Huge Ukrainian Agricultural Land
China plans to buy 3 million hectares (7.4 million acres) of agricultural land in Ukraine to meeting booming domestic demand for food, the South China Morning Post reported. The Xinjiang Construction Corp's deal with KSG Agro, which allows the former to grow crops and raise hogs in Ukraine, will make Ukraine China's largest offshore agricultural producer. Experts say China's food security relies on overseas expansion due to unproductive domestic soil. China feeds 20% of the world's population with only 9% of the world's arable land.
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