Banks Warned of Lending to Steelmakers
China has warned its banks of rampant illicit borrowing by steel companies, which the banking regulator said had borrowed excessively to speculate on property and stocks, the Financial Times reported. China's steel plants reported a combined ¥1 billion loss for Q1 2012.
Bank Lending Said to Top ¥700b in May
New bank loans may add up to ¥700 billion in May, including ¥253 billion from the big four state-owned lenders, people with knowledge of the matter said. New bank loans totaled just ¥681.8 billion April, down significantly from over ¥1 trillion in the month before.
Rail Passenger Traffic Up 3.7% in May
Rail passenger traffic in China rose 3.7% year on year to 154 million people in May, the Ministry of Railways said. Rail cargo traffic was up 1.8% year on year to 342 million tons during the month.
764m People Employed in China
The number of people employed in China totaled 764.2 million as of the end of 2011, including 359.14 million in urban areas, according to the Ministry of Human Resources and Social Security. The primary, secondary and tertiary sectors employed 34.8%, 29.5% and 35.7% respectively of all workers.
$1 = ¥6.33