Breaking News

Asia Today ISSN 1861-4604 Sunday, January 21, 2018

Headline

Growth in China’s manufacturing sector slowed faster than expected in April

Manufacturing sector growth in China

Share on Facebook May 2, 2017, Reporter : Big News Network, Reader : 405

news

BEIJING, China - The National Bureau of Statistics' official Purchasing Managers' Index (PMI) fell to a six-month low of 51.2 in April from March's near five-year high of 51.8, reports revealed. >BNN

China’s manufacturing sector growth, official numbers revealed, slowed faster than expected during April, with producer price inflation cooling for the first time in seven months in the previous month.

Further, policymakers' efforts to reduce financial risks in the economy weighed on demand.

Latest numbers revealed that China April official services PMI stood at 54.0, while it was recorded at 55.1 in the month of March.

Further, numbers revealed that demand weakened across the board and the biggest decline was recorded in the input price sub-index that fell to 51.8.

It was the slowest expansion since June last year.

The input price sub-index stood at 59.3 in March.

According to Zhou Hao, an economist at Commerzbank in Singapore, some of the pressures that the country’s manufacturers are facing are due to recent sharp declines in iron ore and onshore steel prices.

In a note, Zhou wrote, “We believe that this on one hand reflects that there is little improvement in underlying demand. On the other hand, the de-leveraging effort by the Chinese authorities, has started to work."

Earlier this month, Chinese steel and iron ore futures tumbled to multi-month lows, as market sentiment turned bearish on demand outlook.

Worries about a glut of steel later this year have also mounted.

The numbers revealed that the employment sub-index slipped to 49.2 from 50.0 in March while the raw materials inventories sub-index was unchanged at 48.3.

In the same month, growth in China's services sector slowed slightly to 54.0, compared with the previous month's reading of 55.1 - highest since May 2014.
Further, Zhao Yang, an economist at Nomura, said "downside pressures" remained. 

"[We] maintain our call for a shallow slowdown through the course of this year."

Beijing is currently facing scrutiny ahead of its National Congress this autumn.

The country continues to steer the economy away from relying on debt-fuelled investment, towards growth driven by consumer spending.

 

More Euro Asia news of the month

Photos Kara Wai to Receive Excellence in Asian Cinema Award

HONG KONG - Hong Kong actress Kara Wai says she is ecstatic over receiving this year's Asian Film Awards' Excellence in Asian...

Photos After eight years, Google to relaunch map service in China

BEIJING, China - Nikkei has confirmed that after an eight-year absence, Alphabet Inc's Google will relaunch its map service in...

Photos Explosions Again Hampering Rescue Of Iranian Tanker Crew

An Iranian oil tanker that has been on fire and drifting in the East China Sea since last week has experienced several more explosions,...

Photos As political landscape changes, China-France vow better ties

BEIJING, China - Chinese President Xi Jinping met with his French counterpart, Emmanuel Macron in Beijing and both the leaders have...

Photos Iran oil tanker collides off China’s coast, dozens missing

BEIJING, China - An Iranian oil tanker caught fire after a collision off China's coast leaving 32 crew members missing. The oil...

Photos Flight from Chicago to Hong Kong forced to land

HONG KONG, China - United Airlines revealed on Saturday that it was forced to divert a plane scheduled to go from Chicago to Hong Kong...

Photos China wants Pak's 'sacrifice to fight against terror' to get recognized

Beijing [China], Jan 2 (ANI): China on Tuesday backed Pakistan and stated that all should recognise "Pakistan's endeavour and...

Photos World’s first missile that can hit target in seconds tested

BEIJING, China - China is said to have successfully tested its new DF-17 hypersonic missile that can reportedly reshape the nuclear...

Photos Best-sellers that boosted global gaming revenues in 2017

CALIFORNIA, U.S. - This year, not only did the global gaming industry see its revenues being boosted by 7.8 percent, but the number of...

Flying Reimagined

Stock Index

Sunday, January 21, 2018

Life Style

Photo Gallery

FEUILLETON