Industrial Profits Dip 1.6% Jan-Apr China's industrial profits declined 1.6% year on year to ¥1.45trillion in the first four months of 2012, the National Bureau ofStatistics said. Industrial profits made by state-owned enterpriseswere down 9.9% to ¥457.8 billion and industrial profits made byforeign-funded firms were down 13.2% to ¥340.6 billion duringthe quarter. The contraction was a little faster than in the firstthree months. China Seeks Private Capital in Banks China is encouraging private investment in its banking sector as ittries to reinvigorate the slowing economy and help small firmssecure funds. |
Qualified companies can buy into lenders throughprivate stock placements or new share subscriptions, equitytransfers or mergers and acquisitions, according to the ChinaBanking Regulatory Commission. Private investment in trust,financial leasing and auto-financing companies are also welcomed bythe authority. Greater Power Shortage Expected for Summer Electricity supply may fall short of 37 million kW this summer aspower producers remains reluctant to work after the recent priceincreases were smaller than expected, State Grid warned. Theshortage, which will be more severe than last year's 30.55 millionkW, adds to concern over the nation's slowing manufacturing-basedeconomy. Online Billing Turnover Doubles in Q1 China's online billing turnover surged 112.6% year on year to¥776 billion in Q1 2012, according to iResearch.
China Plans New Policies for Auto Market The Chinese government is working on a round of policies for theslowing auto market, including subsidies to spur purchases, peoplewith knowledge of the issue told Reuters. Cars with smallerdisplacements or environmentally friendly technologies andcar-buying farmers will be subsidized, according to the source. Medical Device Revenue Worth ¥400b Revenue from medical equipment sales in China is currently worth¥400 billion and is expected to grow 20% annually in the yearsto come, according to an industry forum. Up to 70% of high-enddevices like pacemakers are imported. Recycling Economy to Be Worth ¥1.5t by 2015 Output from China's recycling industry is expected to total¥1.5 trillion by the end of 2015, according to the five-yearplan released by the National Development and Reform Commission.
Yuan, Yen Go for Direct Trade Direct settlement between the Chinese yuan and the Japanese yen isexpected to take place in Shanghai and Tokyo by the end of June,China's official Xinhua News Agency reported, citing Japanesemedia. The move, which will make the yen the second currency todirectly trade with the Chinese currency, is set to step up tradeand investment activities between Asia's top two powers. $1 = ¥6.32.
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