China's state-owned enterprises posted ¥17.25 trillion in revenues and ¥1.81 trillion in profits between January and November, up 31.9% and 43.1% year on year respectively, the Ministry of Finance said over the weekend.
China has set a fiscal deficit target of ¥900 billion for 2011, including ¥700 billion for the central government and ¥200 billion for local governments, according to a well-informed source from the finance ministry.
Financing vehicles for China's local governments are the biggest risks of the nation's financial system, argued Liu Mingkang, director of the China Banking Regulatory Commission.
Global demand for photovoltaic products soared 107% year on year to 4GW in Q3, and Chinese companies met 51% of the demand, up from 47% in the same period last year, according to Solarbuzz.
Chinese ecommerce firms received a total $614 million worth of investments so far this year, of which 84% went to B2C sites and 16% to group shopping sites, according to Analysys International.
The Shanghai Stock Exchange has unveiled a blueprint stating its international board will be launched by 2013.
The municipality of Chongqing in southwestern China said it would invest ¥26 billion developing its aviation industry through 2015. The local government invested ¥4.3 billion in the past 5 years. The city's airport is expected handle 45 million passengers and 1.1 million tons of cargo by 2015, compared to 15 million passenegers and 400,000 tons of cargo estimated for 2010.
Shanghai Jin Jiang International Hotels Group Co (HKG: 2006) said it would pair up with the Shanghai Tower to build the world's tallest luxury hotel in which will be located on the 84th to 110th floors of the building. Construction on the 632-meter building began in late November and is expected to complete in 2014.
Dongfang Electric Corp (SHA: 600875, HKG: 1072), a leading Chinese manufacturer of electric power generating equipment, said over the weekend it had won contracts worth a combined ¥20.4 billion in exporting devices for fossil fired, wind power and nuclear power generators. The amount represents 61% of its 2009 revenue.
Guangzhou Automobile Group Co (HKG: 2238), China's 6th largest carmaker, is planning to go public on a mainland bourse in 2011, said president Zeng Qinghong. Zeng also revealed the company hoped to increase its annual capacity to 3 million units and its revenue to ¥400 billion by 2015. Its revenue for 2010 is expected to exceed ¥150 billion.
Sichuan Western Resources Holding Co (SHA: 600139) said over the weekend it would have a private placement aimed at raising ¥700 million to purchase an 80% stake in Nanjing Yin Mao Lead-Zinc Mine Co.