Foreign Bank Profits Double
The 181 foreign-funded banks in China saw their gross profits more than double to ¥16.73 billion in 2011, according to a report by PricewaterhouseCoopers. The sharp increase in profits was fueled by strong demand for corporate credit from multinational, state-owned and privately-owned companies, by the Chinese currency's increasingly important global role and by more financial derivatives trading. Foreign banks' total Chinese assets gained 24% to ¥2.15 trillion last year. Most of them expected their revenue from China to grow 20% annually through 2015, the report added.
Wen Raises Specter of Gloomy Job Outlook
China's employment market is facing a tough time and this will continue in the near future, premier Wen Jiabao warned. He said the government is working on some measures to address the issue along side restructuring the economy.
Premium Incomes Jump 6% in 1H
Premium incomes in China grew 5.9% from a year earlier to ¥853.23 billion in 1H 2012, the insurance regulator said. Chinese insurers had ¥6.78 trillion in total assets and ¥674.66 billion in net assets as of the end of June, up 13.3% and 21.2% respectively from six months earlier.
114m Cars in China
There were 114 million cars in China as of the end of 1H 2012, including 86.13 million privately-owned automobiles, according to the Ministry of Public Security. The total number of cars was up 7.7% from six months earlier; the proportion of privately-owned cars edged up 1.2 percentage points from six months earlier to 75.6%. There were five cities that had over two million cars - namely Beijing, Chengdu, Tianjin, Shenzhen and Shanghai - and 17 cities with over one million cars.
China Boosts Holdings in US T-Bonds
China boosted its holdings of US government securities in May by the largest amount in six months as the American economy stalled and Europe's debt crisis deepened, Bloomberg reported. Chinese holdings rose 0.4% to $1.17 trillion, according to Treasury Department data. Net foreign purchases of Treasuries increased 1% to a record $5.26 trillion in May, the data show.
$1 = ¥6.37