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Industrial Profits Continue to Shrink
China's industrial profits declined 2.7% year on year to ¥2.68 trillion in the first seven months of 2012; the rate was half a percentage points faster than in the first six months, the National Bureau of Statistics said. Industrial profits made by state-owned enterprises were down 12.2% to ¥784.7 billion and industrial profits made by foreign-funded firms were down 12.6% to ¥609 billion during the period. Industrial operating revenues rose 10.6% year on year to ¥49.99 trillion between January and July. The data were based on companies that post at least ¥20 million in annual revenues.
Investment to Halve in China's Economic Makeup
Investment weighs over 50% of China's gross domestic product at present, and that percentage will decline to 25% in the next 10 years as the government tries to give consumer spending a bigger role in the economy, Andy Xie, a prominent independent economist argues.
Telecom Revenue Jumps 9% Through July
Revenue from China's telecommunications services amounted to ¥610.67 billion in the first seven months of 2012, including ¥446.03 billion from mobile services, up 9.2% and 11.3% respectively from the same period a year ago, the Ministry of Industry and Information Technology said. Revenue from mobile services as a percentage of total telecommunications revenues has grown from 71.6% to 73% between July 2011 and July 2012. The number of mobile service subscribers in the country stood at 1.06 billion as of the end of July, including 183.76 million 3G service users.
China to Earmark ¥2.4t for Energy & Pollution
It is estimated that China will invest a total of ¥2.37 trillion in energy-saving and pollution-curbing projects between 2011 and 2015, the National Development and Reform Commission said.
$1 = ¥6.36
@2011 China Economy @ The China Perspective.
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