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.
- 1 Autistic adults could take pure MDMA to 'reduce social anxiety'
- 2 Before you complain about your GP, this is what you need to know about actually doing the job
- 3 Father of 12 accused of raping, beating, starving and abusing his own children in US 'cult'
- 4 Britain's Got Talent 2015: Jamie Raven divides Twitter as fans expose mind-boggling magic trick
- 5 Charlie Charlie Challenge explained: not a Mexican demon being summoned — it's gravity
People are criticising Fifa World Cup sponsors with corrupt corporate logos
Natalie Portman tells Harvard graduates: 'Accept your lack of knowledge'
British tourists complain impoverished boat migrants are making holidays 'awkward' in Kos
Fifa corruption live: Sebb Blatter warns 'more bad news may follow' as he clings to power
Skull found in Spain could be the world's first-ever murder victim
EU referendum: David Cameron's rules are a 'democratic disgrace', says French-born Scottish politician set to be denied a vote
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
Australian man punched in the face for defending Muslim women from abuse on train
A nation of inequality: How the UK is failing to feed its most vulnerable people
David Starkey 'tells Amal Clooney to shut up and stop over-promoting human rights'
EU referendum: David Cameron to deny EU migrants and under-18s the chance to vote
iJobs Money & Business
£30 - 35k: Guru Careers: We are seeking a Pricing Analyst to join a leading e-...
£20000 - £25000 per annum + OTE £45K YR1: SThree: At SThree, we like to be dif...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is a mul...
£55 - 65k (DOE): Guru Careers: A unique opportunity for a permanent C# Develop...