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July 4 – China will encourage and help private capital invest and finance overseas, the National Development and Reform Commission said. The national government will also offer guidelines for the establishment of equity funds specifically for offshore investment.
July 3 – China's non-manufacturing purchasing managers' index climbed 1.5 points to 56.7 in June, reversing from two consecutive months of decline, according to joint data from the China Federation of Logistics and Purchasing and the National Bureau of Statistics. In comparison, the country's manufacturing purchasing managers' hit a seven-month low at 50.2 in June.
June 29 – 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.
June 26 – China's foreign trade is on the mend and is able to achieve the annual growth target of 10%, the Ministry of Commerce said. Bilateral trade in June will continue the favorable trends reported in May according to information from select firms and regions, the ministry said. China's bilateral trade value grew 14.1% year on year to a record $343.58 billion in May.
June 26 – China's non-financial investment overseas shot up 40.2% year on year to $28.5 billion in the first five months of the year, the Ministry of Commerce said. The nation invested in 1,709 overseas firms across 115 countries and regions during the period. China's foreign debt amounted to $751.3 billion as of the end of March, up from $695 billion three months earlier, the ministry added. Over 76% of foreign debts were denominated in the US dollar.
June 19 – According to a quarterly survey by the People's Bank of China, the nation's central bank, 36.5% of bank depositors predict food prices will go up in Q3, up 4.2 percentage points from the previous survey; and 32.4% of bankers expect further monetary policy loosening in Q3, up 25.7% from the previous survey.
June 19 – The Ministry of Land and Resources said it welcomes the private sector to invest in land management as well as mining, surveying and prospecting. Separately, the State Electricity Regulatory Commission published similar documents that encourage private capital to invest in power generation and offer proposals for electricity pricing.
June 19 – The index for growth of China's small and midsized businesses was 96.91 in 2011, according to a joint report released by Bank of Communications and Fudan University. A reading below 100 indicates a shrinking market. The software and IT industry suffered shortages of qualified professionals and rising labor costs, and the retail sector was hamstrung by burgeoning logistics expenses and financing difficulties. Meanwhile, the pharmaceutical and furniture manufacturing industries were on the rise after being heavily subsidized by the government, the report added.
June 18 – Foreign direct investment in China rose less than a tenth of a percentage point from a year earlier to $9.23 billion in May, the Ministry of Commerce said. The amount dropped 0.7% year on year in the previous month. Between January and May, FDI added up to $47.11 billion, down 1.9% from the same period a year ago.
June 13 – China's social security funds will ramp up investment in the private equity market, the National Council for Social Security Fund said. Investment in PE from social security funds is expected to total ¥30 billion by the end of this year, up from ¥19.5 billion a year earlier, and to hit ¥50 billion by the end of 2013, according to council director Dai Xianglong.
June 12 – China's minimum wages will rise 13% annually through 2015 and paid annual leaves will be mandatory for all registered companies in a bid to stimulate consumer spending and travel demand, according to a plan released by the State Council, China's cabinet.
June 12 – 51job Inc (Nasdaq: JOBS), China's largest human resource service provider, said 2.21 million job ads were posted at its namesake website per day in May, down 1% month on month and up 11% year on year. Sharper declines were seen in second and third tier cities.
June 12 – Starting salary for China's university graduates averaged ¥2,766 per month in 2011, up ¥287 from the year before, according to a report. Of all college graduates, 82.1% found a full-time or part-time job within six months of leaving school, 1.6% were self-employed and the remaining 9.3% were unemployed. Close to 6.1 million students graduated from college in 2011, and 570,000 are jobless.
June 11 – China's government revenue grew 13.1% year on year to ¥1.2 trillion in May, the Ministry of Finance said. Government expenditures were up 10.8% to ¥916.5 billion during the same month.
June 10 – China's bilateral trade jumped 14.1% from a year earlier – far more than analysts had expected – to $343.58 billion in May, and its trade surplus widened by $300 million to $18.7 billion, customs figures show. In May, exports grew 15.3% year on year to $181.14 billion, compared to just 4.9% in the previous month; imports rose 12.7% to $162.44 billion.
June 8 – China's central bank, cut interest rates for the first time since 2008 as part of the effort to keep the faltering economy humming. The benchmark one-year deposit and lending rates have been lowered by 25 basis points to 3.25% and 6.31% respectively. Standard Chartered Bank predicted another two cuts, each of 25 basis points, in 2H 2012 as May data are expected to turn up weak and Europe's debt crisis drags on.June 7 – Morgan Stanley revised down its forecast for China's economic growth by another 0.8 percentage points to 7.7% this year as the nation's industrial production and consumer spending remain sluggish and external risks escalate. Last month the US investment bank lowered China's economic growth by half a percentage point to 8.5%. The Chinese government target is 7.5%.
June 7 – Chinese government-backed offshore investment amounted to $21.4 billion in Q1 2012, fueled by acquisitions of energy and resource projects in South America, according to data from A Capital.
June 6 – China's economy will speed up growth in Q3 as more favorable policies are expected to be introduced, said Lu Baifu, an economist and former deputy director of the Development Research Center of the State Council. The nation's GDP grew 8.1% from a year earlier in Q1 2012, slower than expected.
June 6 – China's biotech and healthcare industry saw 158 venture capital investments last year, and 148 of them were disclosed involving $4.14 billion, according to Zero2IPO.
June 5 – The number of people employed in China totaled 764.2 million as of the end of 2011, including 359.14 million in urban areas, according to the Ministry of Human Resources and Social Security. The primary, secondary and tertiary sectors employed 34.8%, 29.5% and 35.7% respectively of all workers.
$1 = ¥6.36
@2011 China Economy @ The China Perspective.
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