Premium Incomes Total ¥189b in Jan
China's premium incomes amounted to ¥189.18 billion in January, including ¥139.71 billion from life and casualty insurance and ¥49.47 billion from property insurance, the insurance regulator said.
China Rules Out Foreign Brands for Govt Car Purchases
China's government procurement of vehicles has excluded foreign brands, according to a sourcing catalog. Land Rover, Audi, BMW, Mercedes-Benz, Toyota and Honda have all disappeared from the list. It is estimated that China spent $12.7 billion on government procurement of vehicles in 2010.
4.3m Second-Hand Autos Sold in China in 2011
The number of second-hand vehicle transactions in China rose to a record 4.33 million units valued at ¥210.88 billion in 2011, up 12.5% and 18.6% respectively from the year before, according to the China Automobile Dealers Association. Transactions of passenger cars totaled 2.35 million units valued at ¥118 billion last year.
China's Economy Urged to Adopt 'Sweeping Changes'
A report by the World Bank and a prominent Chinese think tank recommends sweeping changes in the Chinese economy, including reducing the power of state-owned enterprises (SOEs) and breaking up monopolies, the Wall Street Journal reported. Other recommended changes include raising bank deposit rates and increasing dividends paid by SOEs as a way to boost government revenue for social spending.
Shanghai Hikes Minimum Wage by 13%
Shanghai raised its minimum wage 13% to ¥1,450/month. If the city's compulsory employer's contribution to social welfare is considered, which is not compulsory elsewhere in the country when calculating the minimum wage, Shanghai's minimum wage will actually be equivalent to ¥1,850/ month, the highest nationwide.
State Grid to Spend ¥100b Developing Renewable Energy in Yunnan
State Grid Corp of China, the nation's biggest power producer, said it plans to invest ¥100 billion developing renewable energy in Yunnan province between 2011 and 2020, with ¥35 billion to phase in by the end of 2015.
$1 = ¥6.3