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DATA SHOWS SLOW GROWTH IN CHINA

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Chinese Manufacturing PMI shows slowdown

DATA SHOWS SLOW GROWTH IN CHINA

Nov 3 2014, 1.40 GMT

Stock.com

Data out covering October shows the decrease in China’s growth with lower expectations for the future.

After China’s boost in economic growth, all the data out this month shows the reality of the slowdown.

  • Manufacturing Purchasing Managers' Index dropped to 50.8 in October from 51.1 in September
  • New orders subindex slipped to 51.6 in October from 52.2 in September
  • New export orders subindex dropped to 49.9 from 50.2, below the contraction point of 50
  • The subindex measuring production fell to 53.1 from 53.6
  • HSBC China Manufacturing Purchasing Managers' Index was stagnant at 50.4

Andrew Polk, economist at the Conference Board was reported in MarketWatch to say, “We're looking at going to 7% in the fourth quarter and 6.5% next year.”

However, China is looking to counteract the contraction of growth by implementing credit reforms and helping SME business. Plans include:

  • Reducing taxes and fees
  • Encouraging home buying to sustain the property market
  • Railway expansion projects
  • Lowering cost of corporate funding by giving credit to banks for them to lend

Hong Kong 45 [Hang Seng] index went down from 24080 to 23802, more than 1 percent due to weekend figures.

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