NEW YORK, NY--(Marketwire -03/08/12)- 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. The Paragon Report examines investing opportunities in China's Internet Sector and provides equity research on Sohu.com Inc. (NASDAQ: SOHU - News) and Ctrip.com International Ltd. (NASDAQ: CTRP - News). Access to the full company reports can be found at:
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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