▲ Up
 
03:11 05-05-2016
MAIN АКИpress CA-News
About us On-line subscription
KazakhstanTajikistanUzbekistanKyrgyzstanTurkmenistanMongoliaWorld
POLITICSBUSINESSINCIDENTSSOCIETYCULTURESPORTANALYSISSCIENCE
China's factories power ahead to 18-month high

Bishkek (AKIpress) - cnn China's factory activity expanded at its fastest pace in 18 months in July as new orders surged, a preliminary HSBC survey showed on Thursday, the latest indication that the economy is picking up as government stimulus measures kick in, Reuters reports.

The HSBC/Markit Flash China Manufacturing Purchasing Managers' Index rose to 52 in July from June's final reading of 50.7, beating a forecast of 51 in a Reuters poll.

It was the highest reading since January 2013, and above the 50-point level that separates growth in activity from contraction for the second consecutive month.

"Economic activity continues to improve in July, suggesting that the cumulative impact of mini-stimulus measures introduced earlier is still filtering through," said Qu Hongbin, chief economist for China at HSBC.

"We expect policy makers to maintain their accommodative stance over the next few months to consolidate the recovery."

Mainland China stocks jumped after the PMI report while shares in the rest of Asia edged higher. The Australian dollar hit a three-week high on prospects of stronger exports to China.

Still, some analysts say the recovery appears patchy, and more stimulus may be needed to offset the downdraft from the cooling property market on the broader economy and increasing risks in the financial system, such as deteriorating credit quality.

The official Financial News reported on Thursday that the amount of bad bank loans in China's eastern Shandong province surged nearly 26 percent in the first half of the year due to slower economic growth and government efforts to deal with industries which have large amounts of excess capacity.

"The economy is showing initial signs of a recovery. There is no reason the government will stop taking action," said Shen Jianguang, an economist at Mizuho in Hong Kong.

"We believe favorable fiscal and monetary policy need to be expanded further."

China's cabinet pledged on Wednesday to boost its support for small companies and the farming sector by getting commercial banks and the central bank to disburse more loans to them.


Twitterfacebookprint
11:08 24.07.2014
LATEST NEWS
17:30 Panama Papers: Azerbaijan ruling family sought gold interests in Kyrgyzstan17:23 External debt of Kyrgyzstan might make 70% of GDP, IMF supposes17:13 Growth rate of Kyrgyzstan's economy downing to 3% due to unfavorable external conditions – IMF16:58 Kadamjai students win two medals at Environmental Protection Olympiad in Kenya16:46 Kuwaiti Minister of Emir's Divan Affairs to attend opening of 2nd World Nomad Games15:50 Kyrgyz journalists partake in quiz night marking World Press Freedom Day15:30 Consumption market increases by 17% in Kazakhstan15:26 Gani Sadibekov becomes Kazakhstan Vice Minister of Energy15:02 HRW urges Tajikistan free human rights lawyers, respect independence of legal profession14:56 Tajik Ambassador, Education Minister of Armenia consider bilateral ties14:47 Uzbekistan Airways transports 535,600 passengers in Q1 201614:41 Taliban reportedly attacks border post with Uzbekistan14:33 Turkmenistan appoints its board member of International Fund for Saving the Aral Sea14:28 Turkmenistan addresses best practices in regulating online media and broadcasting14:22 World Bank suggests Mongolia spending controls to contain rising deficit14:12 People to flood back into Mongolia for exploration, no one questioning geology and prospectivity: Investor12:11 Massive protests against PM Abe mark Japan's Constitution Memorial Day12:03 U.S. diplomat's same-sex marriage causes stir in China11:57 USD stands at 68.80 som in Bishkek on May 411:51 Over 70 thousand people live in extreme poverty in Kyrgyzstan
Astana
+12° C
Ashgabat
+27° C
Bishkek
+20° C
Dushanbe
+19° C
Tashkent
+23° C
Ulaanbaatar
+3° C
exchange rates
 
78.21
68.26
10.55
1.06
381.52
329.21
50.83
5.03
6.85
6.26
1.01
0.12
3286.53
2888.39
446.81
42.81
4.06
3.50
0.54
0.05

© AKIpress News Agency - 2001-2016. All rights reserved
Republication of any material is prohibited without a written agreement with AKIpress News Agency. Any citation must be accompanied by a hyperlink to www.akipress.com.
Our address:
Moskovskaya str. 189, Bishkek, the Kyrgyz Republic
e-mail: english@akipress.org, akipressenglish@gmail.com;
Tel/Fax: +996(312)90-07-75