- The direct economic loss from floods this year reached RMB56.19 bn as of last week, the Office of State Flood Control and Drought Relief Headquarters said.

- China's registered urban and township unemployment rate stood at four percent in the first half, down 0.2 percentage points from the same period last year, the Ministry of Human Resources and Social Security said. The floods left 346 dead and 101 missing in 27 localities nationwide, with more than 77.89 million people and 4.65 million hectares of farmland affected and 294,400 houses destroyed.

- Combined retail sales in rural areas reached RMB1.62 tr in the first half, up 20 percent from the same period last year, the Ministry of Commerce (MOFCOM) revealed on Thursday.

- China will raise the tax rebate on a range of textiles and garments to 13 per cent from 11 per cent, helping exporters that are struggling with a stronger RMB, weakening demand and rising costs.

- The country's four power giants may have lost up to RMB7 bn in the first half of this year due to soaring coal prices, Shanghai Securities News reported.

- Another 10 percent of Beijing's vehicles will go off the roads if the weather is "extremely unfavorable" during the Olympic Games, the Ministry of Environmental Protection said. This could reduce the total number of private cars on the capital's roads by 60 percent.

- China's retail sales hit RMB864.2 bn in June, showing a 10-year-high growth rate of 23 per cent year-on-year, the National Bureau of Statistics said.

- The upcoming Beijing Olympic Games was forecast to generate about USD2 bn of direct revenue for the host city, the People's Daily reported. The direct revenue came from sponsorship, licensing, advertisements, ticket sales and broadcasting rights, according to the Beijing Olympic Economy Research Association.

Source: Government agencies and media

Last update : Sunday, 03 August 2008

Keywords : Statistics, Investment, Growth, Economy, Finance

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