Industrial Output Sees Slower Expansion China's value added industrial output expanded 9.3% year on year inApril, where the growth of light industries was 10.3% and thegrowth of the heavy industries was 8.9%, the National Bureau ofStatistics said. Output from state-owned industrials was up 4.3%and output from non mainland-funded industrials was up 5.7%. Allthe growth rates were apparently slower than in March. Fixed Asset Investment Up 20% Jan-Apr Fixed asset investment in China rose 20.2% year on year to¥7.56 trillion in the first four months of 2012; the rate was0.7 percentage points slower than in the first three months, theNational Bureau of Statistics said. Fixed asset investment in theprimary sector was up 40.7% to ¥166.6 billion; fixed assetinvestment in the secondary sector was up 24.2% to ¥3.38trillion; fixed asset investment in the tertiary sector was up16.4% to ¥4.02 trillion. |
PPI Continues to Fall China's producer price index declined 0.7% in April from a yearago, faster than the 0.3% drop recorded in March, the NationalBureau of Statistics said. The continuous drop gives more room tostimulate the nation's slowing economy. Chinese Banks Operate with 2.8pps Rate Gap Chinese banks profited from an average 2.8-percentage-pointinterest rate gap in 2011, the central bank said, adding that thelevel was close to the international average. The nation'scommercial lenders reported a combined ¥1.04 trillion netprofit last year, up 36.3% from 2010.
China Orders Local Control Over Foreign Auditors China has instructed the big four auditors to hand over control oftheir Chinese operations to local partners by the end of the yearand put a Chinese citizen at the top within three years, the WallStreet Journal reported, citing the Ministry of Finance. No morethan 40% of partners at Ernst & Young, KPMG, Deloitte ToucheTohmatsu and PricewaterhouseCoopers can have gained theirqualification as a certified public accountant from overseas. Thatnumber can't exceed 20% by the end of 2017, according to theguidelines. The new rules, which will apply to both partners andmanaging partners, will give local partners a majority of votes inthe new partnership. $1 = ¥6.31.
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