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Telecoms Revenue Up 9.2% in 1H
Revenue from telecommunications services in China grew 9.2% year on year to ¥517.53 billion in 1H 2012, where revenue from mobile services grew 11.2% to ¥376.24 billion as more people ditched landline phones and turned to cellphones, according to figures from the Ministry of Industry and Information Technology. The number of mobile service subscribers increased by 65.73 million to 1.05 billion as of the end of June, including 175.75 million 3G service users.
Minimum Wage Hiked in 16 Regions in 1H
Sixteen of mainland China's 31 administrative regions raised their minimum wages by an average 19.7% in 1H 2012, the Ministry of Human Resources and Social Security said. Shenzhen, Guangdong province now reports the country's highest minimum wage at ¥1,500 per month.
¥400b to Be Earmarked for Healthcare Per Year
China's government has poured ¥1.2 trillion into the healthcare market over the past three years and is expected to invest at least ¥400 billion annually in the years to come, according to Liu Guoen, a healthcare reform expert with the State Council, the nation's cabinet.
Tax Take Sees Significant Slow in Growth
China's tax incomes rose 9.8% year on year to ¥5.49 trillion in 1H 2012, the Ministry of Finance said. The rate was 19.8 percentage points slower than in 1H 2011 as a result of the faltering economy, and a sluggish real estate market in particular. Personal income taxes dropped 8% to ¥327.17 billion during past six months.
Online Gaming Revenue Rises 17% in 1H
Revenue from China's gaming market grew 18.5% year on year to ¥24.84 billion in 1H 2012, where revenue from online games was up 16.9% to ¥23.55 billion, according to a report jointly released by GPC, a Chinese gaming guild, and IDC. Revenue from Chinese-developed online games made up 71.6% of total online gaming revenue, up from 63% in 1H 2011. The number of online game players had exceeded 300 million as of the end of June.
Urban Unemployment Stays at 4.1%
China's urban unemployment rate stood at 4.1% as of the end of June 2012, the Ministry of Human Resources and Social Security said. The rate has remained unchanged for eight straight quarters. More than 6.9 million jobs were created in 1H 2012.
WTO Probes Chinese Rare Earth Policies
The World Trade Organization has set up a panel to probe China's rare earth export quotas, duties and other restrictions on requests by the US, the EU and Japan, the Wall Street Journal reported. The trade dispute centers on China's dominance in the production of 17 metallic minerals that are essential for a range of sensitive cutting-edge technologies. But since China set quotas to restrict its rare earth exports, global suppliers have made considerable headway in reducing their dependence on Chinese supply, so the findings of the trade body are expected to have a limited impact on prices.
$1 = ¥6.34
@2011 China Economy @ The China Perspective.
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