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.
Is your name now 'banned' in Saudi Arabia?
Missing Malaysia Airlines Flight MH370: Any terrorist seizure of the plane ‘would have required one hell of a piece of planning’
Friends in high places: Seth Rogen compiles list of all the celebrities he’s smoked pot with
Oscar Pistorius trial: Photographs of Paralympian splattered in blood after Reeva Steenkamp shooting shown in court
Missing Malaysia Airlines Flight MH370: Jet ‘hijacking’ began soon after take-off
Katie Hopkins continues campaign to become Britain's most hated talking head with poorly timed Bob Crow tweet
No EU referendum under Labour: Ed Miliband to reveal that vote on membership is ‘unlikely’ in next Parliament if party wins power
Grace Dent: Who cares if she spells it Barraco Barner? Gemma Worrall is more employable than some bookish arts graduate
The rise of Ukip: Study warns Labour that Eurosceptic party's electoral base now 'more working class than any of the main parties'
Europeans have ‘got whiter’ due to natural selection in past 5,000 years, scientists say
Fracking is turning the US into a bigger oil producer than Saudi Arabia
- 1 Is your name now 'banned' in Saudi Arabia?
- 2 Best films on Netflix: 32 movies that will put an end to your scrolling
- 3 Istanbul protesters take 'Ellen selfie' from the back of a police van
- 4 Missing Malaysia Airlines Flight MH370: Jet ‘hijacking’ began soon after take-off
- 5 Lady Gaga has struggled with eating disorders in the past, so it's indefensible that she's glamourising bulimia in her SXSW set
iJobs Money & Business
£35000 - £43000 per annum + Bonus and Benefits: Harrington Starr: A global lea...
£50000 - £60000 per annum: Harrington Starr: Linux Systems Administrator - UNI...
£32000 - £36000 per annum + generous benefits: Pro-Recruitment Group: * TAX * ...
£37000 - £40000 per annum + £20000 benefits package: Pro-Recruitment Group: **...