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Decline in Industrial Profits Accelerates
China's industrial profits declined 2.4% year on year to ¥1.84 trillion in the first five months of 2012; the rate was 0.8 percentage points faster than in the first four months, the National Bureau of Statistics said. Industrial profits made by state-owned enterprises were down 10.8% to ¥560.1 billion and industrial profits made by foreign-funded firms were down 13.7% to ¥427.2 billion during the period. Industrial operating revenues rose 11.9% year on year to ¥34.5 trillion between January and May. The data were based on companies that post at least ¥20 million in annual revenues.
Entertainment Receipts Near ¥2.9t
China's spending on entertainment and recreation topped ¥2.86 trillion in 2011, making up 15.5% of retail sales and 6.1% of gross domestic product, according to a report released by the Chinese Academy of Social Sciences.
Broadcast Media Revenue Jumps 18%
Revenue from radio and TV broadcasting in China grew 17.7% to ¥289.48 billion in 2011, with contributions mainly coming from ads and commercials, network TV programs and box office receipts, according to the General Administration of Radio, Film and Television. Ad revenue was up 19% to ¥112.29 billion; revenue from on-demand TV programs was up 16% to ¥56.39 billion; box office revenue was up 29% to ¥13.1 billion. There were 803 movie theaters with some 9,600 screens in China as of the end of January 2012, making the country the world's second largest film market.
China to Create Special Zone for Yuan
China will launch a pilot program where banks in Hong Kong will be allowed to make Renminbi-denominated loans directly to customers in Shenzhen, according to a Chinese official who arrived in Hong Kong for the 15th anniversary of the city being reverted to China. The move has been interpreted as an effort to open up the nation's capital account and increase the Chinese currency's international role. Qianhai Bay, which borders Hong Kong, is slated to host the program.
Textile Output Rises 12% Jan-May
Output from China’s textile industry expanded 11.8% year on year to ¥2.14 trillion in the first five months of 2012, the National Development and Reform Commission said.
Shanghai Index to See Weak Rally
China's benchmark Shanghai Composite Index will likely end 14% higher this year but the gain will still not be able to recover last year's loss, according to a survey of 11 Reuters strategists focused on the Chinese stock market. The index finished below the 2,200 point mark yesterday in the seventh straight day of loses.
$1 = ¥6.32
@2011 China Economy @ The China Perspective.
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