Energy News
TRADE WARS
China factory activity cools in April as recovery challenges loom
China factory activity cools in April as recovery challenges loom
by AFP Staff Writers
Beijing (AFP) April 30, 2023

China's manufacturing activity contracted in April, official figures showed Sunday, due to tapering global demand and slow domestic recovery after Covid-related curbs were lifted.

The official manufacturing purchasing managers' index (PMI) -- a key gauge of Chinese factory output -- fell unexpectedly to 49.2 in April from 51.9 in March, and below the 50-point mark that separates expansion and contraction in activity, data from the National Bureau of Statistics (NBS) showed.

Analysts polled by Bloomberg News had expected April factory activity of 51.4.

The drop comes after February recorded the highest reading in more than a decade as factories returned to normal following a surge in Covid cases.

China's economy grew 4.5 percent in the first three months of the year as the country reopened after dropping strict health controls that helped keep the coronavirus in check but battered businesses and supply chains.

But the world's second-largest economy is also beset by a series of other crises, from a debt-laden property sector to flagging consumer confidence, global inflation, the threat of recession elsewhere and geopolitical tensions with the United States.

The official non-manufacturing PMI, which measures growth in the services and construction sectors, fell to 56.4 from 58.2 in March.

The March reading was the highest since May 2011, as the country saw a surge in demand for travel, entertainment and other leisure services unavailable for nearly three years during the pandemic.

The government has set a comparatively modest growth target of around five percent this year, a goal Premier Li Qiang has warned could be hard to achieve.

The Communist Party's top policy-making body said in a statement Friday that the economy still faced headwinds from weak demand at home and the slow pace of reforms.

"China's economy is mainly in the process of recovering, with (internal) driving forces still weak and demand insufficient," the Politburo said, according to a report by state-run Xinhua News Agency.

"Economic transition and upgrading face new headwinds, and hardships... are still to be overcome to promote high-quality development."

- Travel rush -

Beijing has promised further state support for the private sector, which is still reeling from a regulatory crackdown on the property, technology and private education industries.

Policymakers are also looking for ways to push up domestic demand, as China's export and manufacturing sectors struggle amid tepid global demand.

One bright spot in recent months has been households spending piled-up savings on travel.

Bookings for air and train tickets and hotel reservations for the five-day Labor Day holiday starting Saturday all surpassed the levels recorded in the same period in 2019, before the pandemic hit, according to online Chinese travel agency Fliggy.

"China's service sector continues to grow strongly while the manufacturing sector shows signs of weakening," Zhang Zhiwei, chief economist at Pinpoint Asset Management, said.

"These mixed signals will likely keep the pressure on the government to continue its supportive fiscal and monetary policies in the second quarter," he said.

Related Links
Global Trade News

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
TRADE WARS
Asian stocks rise on renewed confidence, strong earnings
Hong Kong (AFP) April 28, 2023
Asian stocks enjoyed solid gains on Friday after a big finish on Wall Street, with renewed investor confidence and strong earnings by major industry players driving shares up. The Nikkei was the region's biggest winner, closing 1.4 percent higher following a decision by the Bank of Japan to maintain its easy money policy. Tokyo also got a boost from electronics giant Sony, which ended more than two percent up after announcing a record $85 billion in sales for the full year ending in March. I ... read more

TRADE WARS
Impact of going off-grid on transmission charge and energy market outcomes

Dutch unveil 28bn-euro package to cut greenhouse emissions

Social media data show increased popularity of air conditioning worldwide

France extends electricity subsidies to 2025

TRADE WARS
Dyson plans new battery plant in Singapore

Recycling of valuable metals from spent lithium ion batteries using spinning reactors

Breakthrough in waste heat to green energy

Dalian develops 2D pseudocapacitive multi-electron reaction lithium storage material

TRADE WARS
European leaders vow to boost North Sea wind energy production

Wind farms drive away certain seabirds: study

Wind project near S.African elephant park riles activists

UK offshore staff 'want public ownership of energy firms'

TRADE WARS
COP28 chair urges tripling of renewables capacity by 2030

Perovskite solar cells' instability must be addressed for global adoption

Chair for UAE COP28 urges tripling of renewables capacity by 2030

Research team publishes review study of interfacial solar evaporation systems

TRADE WARS
Decades of nuclear energy research pay off in milestone nonproliferation achievement

Small reactor startups vie to push US into new nuclear era

National Academies Report suggests US build new advanced nuclear reactors

Framatome achieves critical NRC approval in development of advanced nuclear fuel technology

TRADE WARS
Researchers cultivate microalgae for biofuel production

3D-printed biodegradable seed robot can change shape in response to humidity

Dutch refinery to feed airlines' thirst for clean fuel

Low concentration CO2 can be reused as plastic precursor using artificial photosynthesis

TRADE WARS
Iran forces seize second oil tanker in six days: US Navy

BP back in Q1 profit after record loss on Russia exit

Iran army says 2 Iranians missing after Gulf collision

BP faces angry shareholders over climate plans

TRADE WARS
Watchdog raps Murdoch's Australian broadcaster over climate coverage

US activists smear paint on Degas enclosure; UN urges UK to backtrack on protest laws

Global warming made Horn of Africa drought possible: report

Drought threatens Panama Canal shipping traffic

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.