Chinese industry in shock slowdown as exports stall
Wednesday 01 May 2013
A shock setback for China’s manufacturers in April fuelled concerns over the world’s second-biggest economy today in the wake of its slower-than-expected start to the year.
Falling export orders were the main culprit behind the surprise wobble as the sector’s official purchasing managers index fell from March’s 11-month high to 50.6. The slowdown confounded expectations of more rapid growth as key export markets in the eurozone and the US suffer.
The disappointing data raise concerns over China’s overall growth in the second quarter of this year after it expanded at an annual pace of just 7.7 per cent in the opening three months.
While impressive by Western standards, it fell short of hopes of 8 per cent growth, and new president Xi Jinping recently warned that the days of “ultra-high speed growth” are over. China’s new government has signalled it will step up infrastructure investment, which analysts said will provide support for the economy in the second quarter.
“China’s economic growth has been disappointing and general inflation pressure is largely non-existent,” Société Générale analyst Wei Yao said.
European markets were closed for the May Day holiday, but the poor news sent copper prices slipping and weighed on mining stocks.
X Factor judge will appear in court later this month
The Google future, including microphones in every ceiling and data sent directly to your brain
Guide dog mauled while helping owner deliver Christmas cards
Gurdwaras-turned-food banks: Sikh temples are catering for rise in Britain’s hungry
The poorest pay the price for austerity: Workers face biggest fall in living standards since Victorian era
N Korea confirms removal of Kim Jong-un’s 'depraved' uncle Jang Song Thaek
10 stone five-year-old taken into care
- 1 Gurdwaras-turned-food banks: Sikh temples are catering for rise in Britain’s hungry
- 2 Council bans use of word ‘Commie’ – but ‘fascist’ and ‘Nazi’ are fine
- 3 The man who made Femen: New film outs Victor Svyatski as the mastermind behind the protest group and its breast-baring stunts
- 4 The poorest pay the price for austerity: Workers face biggest fall in living standards since Victorian era
- 5 'I'm experiencing austerity as well', says Princess Michael of Kent
- < Previous
- Next >
iJobs Money & Business
£70000 - £80000 per annum + Bonus + Benefits: Harrington Starr: Product Specia...
£35000 - £45000 per annum + BONUS + BENEFITS: Harrington Starr: A leading, Cit...
£60000 - £75000 per annum: Cornwallis Elt : Senior Business Analyst- Data, SD...
£2000 - £25500 per annum + Benefits: Flight Centre Limited: We are seeking an ...