BEIJING // Strong bank lending and continued injections from China's 4 trillion yuan (Dh2.15tn) stimulus package kept recovery in the world's fastest-growing economy on track last month, with its manufacturing industry showing signs of remarkable health.
The CLSA China Purchasing Managers' Index (PMI) rose to a seasonally adjusted 52.8, the highest level in a year, and up from 51.8 in June, CLSA said after releasing its report.
"Manufacturing activity continues to accelerate and, importantly, orders growth is being driven by the domestic economy," said Eric Fishwick, the group's head of economic research.
A strong recent series of data from China has reopened the debate about when the country will overtake the US as the world's biggest manufacturer.
IHS Global Insight said China might overtake the US as the world's factory by 2015, compared with its previous estimate for 2016 or 2017. One fifth of all goods in the world were made in the US in 2007, compared with 12 per cent in China, but the gap is closing fast. Years of focusing on the services sector, along with the global downturn, mean US manufacturing is shrinking while China's factories keep growing, or at least until hit by the downturn.
The China Federation of Logistics and Purchasing, a government-backed index that was released on Saturday, also showed manufacturing grew this month, the fifth consecutive rise, to 53.3 from 53.2 in June. The CLSA survey indicated manufacturing grew for a fourth month. "Output and input prices rose for the first time in 11 months," Mr Fishwick wrote. "Export prices lag, another sign of China looking inwards for growth."
The improvement in the PMI, which has risen more than 10 index points since the start of the year, pointed to a further acceleration in the recovery of the Chinese manufacturing sector, CLSA said. Firms generally attributed output growth to continued gains in new business and further signs of economic recovery. Volumes of new work received rose at the fastest rate for 14 months in July, a noticeable improvement compared with the steep declines of late last year and the start of this year.
The news that economic recovery was on a solid footing boosted Chinese stocks, which climbed 1.48 per cent to a 14-month closing high yesterday. Strong orders growth encouraged investors to buy in the power, steel and oil sectors, and the benchmark CSI 300 Index is up almost 90 per cent this year.
A rising stock market, coupled with a recovery in the property sector, has prompted fears of bubbles and an accompanying rise in inflation. Banks have extended US$1 trillion (Dh3.67tn) of new loans in the first six months of the year, triple the amount a year earlier.
There were also signs that better business conditions are feeding into higher recruitment, and manufacturers hired workers for the second consecutive month in July. While still low, hiring was at its strongest for 14 months.
A number of those contributing to the research reported the global economic slump was still having a negative effect on export sales, but they were not falling as noticeably as before. An export-order index stayed above 50 for a second month. The level was 50.2, down from 50.9 in June. China's economy grew by 7.9 per cent in the second quarter, up from 6.1 per cent in the first quarter, mainly as a result of huge government spending to offset the global crisis.
business@thenational.ae
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Babumoshai Bandookbaaz
Director: Kushan Nandy
Starring: Nawazuddin Siddiqui, Bidita Bag, Jatin Goswami
Three stars
Schedule:
Friday, January 12: Six fourball matches
Saturday, January 13: Six foursome (alternate shot) matches
Sunday, January 14: 12 singles
Director: Romany Saad
Starring: Mirfat Amin, Boumi Fouad and Tariq Al Ibyari
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Company%20Profile
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Company%20profile
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Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).
The biog
Occupation: Key marker and auto electrician
Hometown: Ghazala, Syria
Date of arrival in Abu Dhabi: May 15, 1978
Family: 11 siblings, a wife, three sons and one daughter
Favourite place in UAE: Abu Dhabi
Favourite hobby: I like to do a mix of things, like listening to poetry for example.
Favourite Syrian artist: Sabah Fakhri, a tenor from Aleppo
Favourite food: fresh fish
Company%20Profile
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COMPANY%20PROFILE
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How%20champions%20are%20made
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
RACECARD%20
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
FA%20Cup%20semi-final%20draw
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Match info
Manchester United 1 (Van de Beek 80') Crystal Palace 3 (Townsend 7', Zaha pen 74' & 85')
Man of the match Wilfried Zaha (Crystal Palace)
RESULTS
5pm: Wathba Stallions Cup Maiden (PA) Dh 70,000 (Dirt) 1,600m
Winner: Samau Xmnsor, Abdul Aziz Al Balushi (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm: Maiden (PA) Dh 70,000 (D) 1,600m
Winner: Ottoman, Szczepan Mazur, Abdallah Al Hammadi
6pm: Maiden (PA) Dh 70,000 (D) 1,800m
Winner: Sharkh, Patrick Cosgrave, Helal Al Alawi
6.30pm: Handicap (PA) Dh 85,000 (D) 1,800m
Winner: Yaraa, Fernando Jara, Majed Al Jahouri
7pm: Handicap (PA) Dh 70,000 (D) 2,000m
Winner: Maaly Al Reef, Bernardo Pinheiro, Abdallah Al Hammadi
7.30pm: Maiden (PA) Dh 70,000 (D) 1,000m
Winner: Jinjal, Fabrice Veron, Ahmed Al Shemaili
8pm: Handicap (PA) Dh 70,000 (D) 1,000m
Winner: Al Sail, Tadhg O’Shea, Ernst Oertel
Company%20Profile
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COMPANY%20PROFILE
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Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5