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 by Staff Writers Beijing (AFP) May 31, 2019
China's manufacturing activity contracted more than expected in May, official data showed Friday, amid a bruising trade war with the United States and slowing domestic demand. The Purchasing Managers' Index (PMI), a gauge of factory conditions, came in at 49.4 for the month, down from 50.1 in April, according to the National Bureau of Statistics (NBS). Marking a three-month low, the figure fell below the 50.0 mark separating expansion from contraction. Economists surveyed by Bloomberg had predicted a reading of 49.9. Production softened while new orders fell into contraction territory, indicating "weakening market demand", NBS analyst Zhao Qinghe said in a statement. The new exports orders and imports sub-index shrank further from April. However, high-tech manufacturing kept a "relatively fast momentum for development", Zhao added. US President Donald Trump's tariff hike on $200 billion in Chinese goods earlier this month "may already be undermining foreign demand," Julian Evans-Pritchard of Capital Economics wrote in a research note. China is retaliating by raising tariffs on $60 billion worth of US goods on Saturday. "With a rapid escalation of US-China trade tensions, worsening employment and deteriorating growth prospects, we expect Beijing to ramp up easing/stimulus measures in coming months to stabilise growth and employment," Nomura economists Ting Lu, Lisheng Wang and Jing Wang wrote in a research note. lld/lth/mtp
Chinese regulators take over small lender Beijing (AFP) May 24, 2019 Chinese financial regulators on Friday took over a bank based in the northern Inner Mongolian region because of its "serious credit risk". The rare takeover of a domestic lender - announced by the People's Bank of China and the China Banking and Insurance Regulatory Commission in a joint statement - is a worrying sign for China's economy which last year slowed to its slowest annual pace in nearly three decades. Baoshang bank had been backed by Tomorrow Group, a financial holding company run ... read more
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