Connect to share and comment

China aims to shore up growth with mini stimulus targeting small firms, railways, housing

HONG KONG - China's leaders have unveiled a mini-stimulus aimed at shoring up sputtering growth in the world's No. 2 economy. Under the batch of measures announced by Premier Li Keqiang, small businesses will get bigger tax breaks, social housing will be built to replace shantytowns and railway construction will be sped up. Li, China's top economic official, announced the new measures on Wednesday evening after a regular meeting of the State Council, China's cabinet.

China takes first step to steady economic growth

BEIJING (Reuters) - China acted for the first time this year to steady its stumbling economy by cutting taxes for small firms on Wednesday and announcing plans to speed up the construction of railway lines. The Chinese cabinet said after its weekly meeting that it will accelerate the construction of rail projects that have been approved, and increase the total length of lines being laid this year by 18 percent compared to 2013.

China manufacturing up in March but weakness remains

China's manufacturing activity improved slightly in March from the previous month, the government said Tuesday, but analysts said the world's second biggest economy remained weak. The official purchasing managers index (PMI) was 50.3 in March helped by an improvement in export orders, the National Bureau of Statistics said, up from an eight-month low of 50.2 in February. The index tracks manufacturing activity in China's factories and workshops and is a closely watched indicator of the health of the economy. A reading above 50 indicates expansion.

South Korea exports show global demand picking up but China a worry

By Se Young Lee SEOUL (Reuters) - Advanced economies stepped up their purchases of goods from South Korea last month, data showed on Tuesday, a hopeful sign global consumption will underpin Asia's export-reliant economies even as slackening demand in China drags on regional growth. Encouragingly, the South Korean exports data for March showed consumers were in good heart in the United States and backs the Federal Reserve's optimism the world's biggest economy is on a firmer footing.

China factory index barely changed, HSBC gauge dips for 3rd month in latest slowdown signs

HONG KONG - An official measure of Chinese factory activity barely budged last month while a private survey found manufacturing deteriorated in the first quarter, adding to signs the world's No. 2 economy is slowing. The purchasing managers' index by the China Federation of Logistics Economists said the increase should have been a lot stronger because factories typically return to full speed in March after shutting for the extended Lunar New Year holiday, which begins in either January or February each year.

Asian stock markets muted as China manufacturing reports suggest growth slowed in 1Q

TOKYO - Asian stock markets were muted Tuesday as manufacturing surveys suggested China's economy slowed in the first quarter. The Nikkei 225, the main index for the Tokyo Stock Exchange, was down 0.2 per cent at 14,801.69. Japan's sales tax on Tuesday rises to 8 per cent from 5 per cent, a change needed to help stabilize government finances but also a possible setback for consumer demand and economic recovery. Asian markets were dampened by two surveys that showed weakness in China's manufacturing.

Peru orders Chinalco mining giant to stop waste-dumps

Peruvian authorities have ordered China's Chinalco mining giant to partially halt its activities at a copper facility until it stops dumping waste. Chinalco Mining Corporation controls the Toromocho Project in the center of the South American country, one of the largest pre-production copper plants in the world. Friday's order by Peru's environmental protection agency OEFA was sparked by inspections carried out March 16-20 that detected contaminants in the Huacrococha and Huascacocha lakes.

China unveils anti-graft rules for urbanization drive -state media

BEIJING (Reuters) - China has unveiled plans to tackle corruption and abuse of power in the real estate sector, state media said, as it tries to smooth the way for the mass migration of millions of Chinese into cities from the countryside. The anti-graft plans are part of an urbanization program designed to underpin a restructuring of China's economy, the world's second largest, away from exports towards one based mainly on domestic consumer demand.

Bank of China 2013 net profit up 12 percent

Bank of China said Wednesday its 2013 net profit rose 12 percent on the back of recovering global markets and stable growth in the Chinese economy. China's fourth-largest lender by assets recorded net profit of 156.91 billion yuan ($25.27 billion) last year, up 12.4 percent from 139.66 billion yuan in 2012, it said in a filing to the Hong Kong Stock Exchange.

Odds narrow on China stimulus as Q1 economy seen weakest in five years

BEIJING (Reuters) - The odds of Beijing intervening to support the sluggish Chinese economy are narrowing following a slew of data that points to the weakest growth for China since the global financial crisis. The economic pain may not be over, either, as some economists forecast that the slowdown could deepen further in the second quarter of the year. It all adds up to increasing pressure on Beijing to provide the economy with a lift if the government wants to meet its full year growth target of around 7.5 percent.
Syndicate content