» 06/21/2012, 00.00
Chinese Manufacturing falls in June for the eighth consecutive month
In June the PMI fell to 48.1 (in May it was at 48.4), domestic demand is rising very slowly, although there are many promises made by leadership
Beijing (AsiaNews) - For the eighth consecutive month, the
industrial sector has declined, with a decrease in foreign orders. The figures
were issued today by the authoritative HSBC Flash Purchasing Managers Index,
according to which the Chinese PMI for the month of June fell to 48.1. In May
it was 48.4. For the eighth consecutive month, the PMI is thus below 50: anything
above this figure is a sign of growth, below 50 is a sign of contraction.
Today's figures contrast with comments made by Chinese
leaders. On June 17, President Hu Jintao said the country has taken
"targeted measures" to support domestic demand. China's problem is
that its economy still relies heavily on exports. Because of the crisis in
Europe and the United States, exports have fallen.
To sustain domestic demand, last May Beijing opened to
private investment a number of sectors that formerly had been monopolized by
the state, such as railways, hospitals, power plants and energy transmission.
It also launched a new wave of infrastructure projects and this month has once
again cut interest rates.
The PMI of HSBC does not often coincide with the official
one. The reason is that the government takes into account more the state
companies; HSBC's estimate is based more on private companies, which feel the
crisis more than state companies, that are funded more easily.
Chinese Banks Close to Collapse. Fears of zero growth
The Chinese Financial Index fell by 24%, more than that of European and American bank stocks. Chinese banks are plagued by insolvent debts due to loans to local governments and the stagnant property market. The country's growth, currently estimated at 9.5%, is at risk
The yuan reaches a 19-year high. More optimistic forecasts for China
The Bank of China has set a rate of 6.28840. The PMI rose to 50.4 in November, showing that the country is emerging from nearly two years of economic contraction. In two months, foreign equity funds have increased by billion.
Chinese banks reach lending ceiling
New loans for 2010 will stop today. Beijing is facing worst inflation of the decade, fears social unrest caused by rising food prices. For this reason, it is providing financial aid to the poor and trying to contain prices. Experts say it is not enough.
Bank loans and China’s economy recovery: risk of a speculative bubble?
In the first half of the year Chinese banks have lent more than a trillion dollars, most of it apparently in speculative investments. Now Beijing wants to rein in the trend but a number of consequences are possible.
Fears of an economic tsunami grow, especially in Asia
As involvency grows in the US subprime market the banking system becomes more dysfunctional. As lending to firms, consumers and governments is tightened, the crisis spreads to the whole economy.
Pope: together with the faithful in China on 24 May to celebrate Our Lady of Sheshan
During the Regina Caeli, Pope Francis speaks about the World Day of Prayer for the Church in China, instituted by Benedict XVI. Chinese Catholics must make a “personal contribution to communion among believers and to harmony in the whole society." AsiaNews Symposium on the Church in China is set for this week. Francis appeals for peace in the Central African Republic, and for loving “one another following the example of the Lord”. For him, “Sometimes conflicts, pride, envy, and divisions leave a blotch on the beautiful face of the Church.” Five new cardinals will be named, including a bishop from Laos.
May 24, 2017: 'China, the Cross is Red', AsiaNews Symposium
The event will be held to mark the World Day of Prayer for the Church in China. A title with many meanings: the Cross is red from the blood of the martyrs; From attempts to suffocate the faith with state control; Bceause of the contribution of hope that Christianity gives to a population tired of materialism and consumerism that is seeking new moral criteria. The theme is also about the great and unexpected religious rebirth in the country. Guests to include: Card. Pietro Parolin, Msgr. Savio Hon, the sociologist of religions Richard Madsen, the testimonies of Chinese priests and laity.
24/05/2017 CHINA- VATICAN
19/05/2017 BANGLADESH - SAUDI ARABIA
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