China Cuts Growth Rate -- Shares of Sina and Renren Retreat
March 08 2012 - 8:20AM
Marketwired
China's internet stocks have taken a beating of late. On Tuesday
alone, TickerSpy's China Internet Stocks Index (CHDOT) collapsed
more than 4 percent after Chinese officials cut the country's 2012
target growth rate to 7.5 percent -- the lowest year-on-year growth
projection in eight years. Five Star Equities examines investing
opportunities in China's Internet Sector and provides Stock
research on Sina Corporation (NASDAQ: SINA) and Renren Inc. (NYSE:
RENN). Access to the full company reports can be found at:
www.fivestarequities.com/SINA
www.fivestarequities.com/RENN
China's premier called "expanding consumer demand" one of his
priorities for the upcoming year. The move comes after a decade in
which building vast infrastructure projects and boosting the
country's exports took center stage in the Chinese economy, Reuters
reports. Last year, China's gross domestic product (GDP), or annual
economic output, grew by 9.2%. In 2010 gross domestic product grew
10.4%.
"I wish to stress that in setting a slightly lower GDP growth
rate, we hope... to guide people in all sectors to focus their work
on accelerating the transformation of the pattern of economic
development and making economic development more sustainable and
efficient," Premier Wen Jiabao explained.
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In the internet sector, the number of people online in China
stood at 513 million by the end of 2011, according to a recent
report from eMarketer. Although the report predicts growth to slow,
with the internet reaching a majority of people only by 2015, China
still has the world's largest population exposed to online ads.
Despite a lack of Facebook, China's social networking population
reached nearly 257 million in 2011. Meanwhile half of internet
users have been attracted by local weibo and other domestic social
networking sites, with the proportion expected to rise to nearly
two-thirds by 2014.
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