Overseas M&A by Private Firms Softens
The number and value of overseas mergers and acquisitions by privately owned Chinese companies was 51 and $7.4 billion in 1H 2013, according to PricewaterhouseCoopers report. The number was down 30% from 2H 2012 and down 27% from 1H 2012, and the value was down 58% from 2H 2012 and down 9% from 1H 2012. A stringent monetary policy and an economic slowdown in China were attributed to the declines. Chinese companies are increasingly cautious about overseas deals, the report added.
Rules on Local Government Debts to Be Tightened
China will step up monitoring local government debts and mapping out policies to control potential risks, said finance minister Lou Jiwei. Lou said new government debts must be brought under control and severe penalties will be imposed on local governments engaged in illicit fundraising.
Online Video Revenue Grows Fast
Revenue at Chinese online video sites amounted to 2.85 billion yuan in Q2 2013, up 43% from a year earlier and up 30.6% from a quarter earlier, according to iResearch. Ad revenue represented 75.2% of total revenue, an increase of 4.5 percentage points from Q1 2013 and an increase of 3.1 percentage points from Q2 2012.
No Need for Stimulus: Vice Finance Minister
China's central government does not need to introduce a fiscal stimulus like the one in late 2008, vice finance minister Zhu Guangyao said. Zhu said he was confident China would meet the 7.5% growth target this year despite a slowdown amid economic restructuring.
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