Private Sector Increases Its Role in Fixed Asset Investment
Fixed asset investment made by China's private sector totaled ¥9.37 trillion in 1H 2012, accounting for 62.1% of total urban fixed asset investments, the National Development and Reform Commission said. The percentage was up substantially from 51.2% in May 2010, when a policy aimed at inducing private investment was introduced. In 1H 2012, the private sector's investment in the oil and gas, education and healthcare industries was up 89.2%, 40.2% and 43.1% year on year respectively, well above the growth rates for total investments in these industries.
Petrochemical Output Growth Slows
Output from China's petrochemical industry amounted to ¥5.89 trillion in 1H 2012, up 12.5% from a year earlier, the China Petroleum & Chemical Industry Association said. The growth rate was 21.9 percentage points slower than in 1H 2011. The industry exported $332 billion worth of goods between January and June, up 10.4% year on year, but 22.3 percentage points slower than in the same period last year. The industry reported a combined ¥303 billion in gross profits between January and May, down 14.4% from a year earlier.
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