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 PlayStation and Xbox hacked by Lizard Squad
- 2 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 4 Vagina canoe artist defends herself over ‘obscenity’ charges
- 5 The Queen’s speech 2014: Recap and Twitter reaction to Game of Thrones reference
PlayStation and Xbox hacked by Lizard Squad
Antonio Martin shooting: Black teenager may have tried to ambush patrolman, says police officer's lawyer
Katie Hopkins speaks out on childhood obesity: 'Parents of fat children should be prosecuted for child cruelty'
Boxing Day snowfall set to push even more bargain-hunters online for sales
The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
Alex Salmond has 'broken his word to the Scottish people' says Scottish Lib Dem leader
iJobs Money & Business
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...
£43500 per annum + pension + holidays: The Jenrick Group: Night Shift Operatio...
£20000 - £25000 per annum + OTE £40,000 + Car + Pension: SThree: SThree are a ...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...