China Warned of Possible Systemic Banking Risk
China's problems in credit, real estate, foreign exchange and debts are controllable when dealt with separately, but there is a chance of all of them striking at the same time and thus imposing a serious systemic risk on the nation's banking system, the IMF warned.
Chinese Carriers Responsible for 47% of Global Earnings in Q3
The net profits of the global aviation industry totaled $3.95 billion in Q3 2011, 47% of which was contributed by China's top four airlines, according to the International Air Transport Association.
Fewer State Firms with More Assets
China had 122 central government-run companies which combined held a total of ¥24.3 trillion in assets as of the end of 2010, compared with 185 and ¥8.3 trillion as of the end of 2003, according to the State-Owned Assets Supervision and Administration Commission. More than 80% of the companies were engaged in the petrochemical, power generation and telecommunications sectors.
China World's No 2 in R&D Investment
China's share of global investment in industrial research and development has increased from 2.2% in 1993 to 12.8% in 2009, overtaking Japan and second just to the US, according to a UN report.
Power Usage Up 11% in Oct
China consumed 379.7 billion kW hours of electricity in October, up 11.4% from a year ago, according to the National Energy Administration. During the first 10 months, power consumption rose 11.9% year on year to 3.9 trillion kW hours, where primary industries' consumption was up 4.4% to 87.2 billion kW hours, secondary industries' consumption was up 12.2% to 2.91 trillion kW hours, tertiary industries' consumption was up 13.6% to 425.2 billion kW hours and civilian consumption was up 10.1% to 473.7 billion kW hours.
China's Bank Lending to Hit ¥8t in 2012
China's bank lending will likely total ¥8 trillion in 2012, up from this year's projected ¥7.5 trillion, according to UBS AG (NYSE: UBS).
Guangdong to Sell ¥7b Muni Bonds
The Guangdong provincial government said it will sell ¥6.9 billion in bonds Friday, becoming the second local authority to do so after the central government lifted a 17-year ban last month. The Shanghai government today issued ¥7.1 billion in bonds.
$1 = ¥6.35