China Economic Watch: State Companies Urged to Stop Expanding

State Companies Urged to Stop Expanding
China has called on central government-owned enterprises (COEs) to scrap expansion plans amid an anemic economic outlook which forecasts falling demand as well as rising labor and raw material costs. "All investments aimed at enlarging scale should be suspended and focus should be placed on upgrade of products and business practices," the State-Owned Assets Supervision and Administration Commission said. China's COEs' net profit slipped 16.4% year on year to ¥387 billion in 1H 2012.

Renewables to Make Up 9.5% of Energy Consumption by 2015
China's annual consumption of renewable energy is expected to total the equivalent of 478 million tons of coal by the end of 2015, accounting for 9.5% of total energy consumption, the National Energy Administration said.