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» 23/07/2009 [Company watch]
China Aoxing Pharmaceutical Corp. Receives Renewal of GMP Certification for Capsule Dosage Form of Pharmaceutical Products
» 15/03/2010 [Industry news]
Recordati S.p.A And Lee Pharmaceutical Announce Partnership For Zanidip(R) In China
» 26/10/2009 [Finance]
China Growth to Remain Fast in Fourth Quarter, Official Says
» 17/08/2009 [Industry news]
Chindex Posts Profit on Product Sales, Health Services
» 07/05/2010 [Industry news]
Hong Kong: Recall of all products manufactured by Quality Pharmaceutical Lab Ltd
COMPANY NEWS back to previous page show list
»03/08/2009 [Other]
China manufacturing expanded in July as record lending and a 4 trillion yuan ($585 billion) stimulus package stoked a recovery in the worlds fastest- growing major economy.

The CLSA China Purchasing Managers Index rose to a seasonally adjusted 52.8, the highest level in a year, from 51.8 in June, CLSA Asia-Pacific Markets said today in an e-mailed statement. An official index, released Aug. 1, also expanded.

 
The CLSA China Purchasing Managers Index rose to a seasonally adjusted 52.8, the highest level in a year, from 51.8 in June, CLSA Asia-Pacific Markets said today in an e-mailed statement. An official index, released Aug. 1, also expanded. In signs the global slump may be easing, reports today showed manufacturing expanded in the U.K. for the first time in more than a year, shrank less than initially estimated in Europe and declined at a slower pace in Australia. China’s rebound, driven by $1 trillion of new bank loans in the first half, may help the nation overtake the U.S. as the world’s largest manufacturer by 2015, according to forecaster IHS Global Insight. China is leading the way, said Tomo Kinoshita, an economist at Nomura Holdings Inc. in Hong Kong. We can expect global production to improve gradually in the months ahead. The Shanghai Composite Index closed 1.5 percent higher, taking this year’s gain to 90 percent. The yuan ended at 6.8308 against the dollar from 6.8311 before the data release. Manufacturing in the U.S. probably shrank in July at the slowest pace in 11 months as the recession eased and factories moved closer to stabilization, according to the median forecast of 62 economists forecast ahead of a private report today. Domestic Demand In China, the CLSA survey indicated manufacturing grew for a fourth month. The official PMI topped 50, the borderline between expansion and contraction, for a fifth month. Chinese manufacturing: continues to accelerate and, importantly, orders growth is being driven by the domestic economy, said Eric Fishwick, head of economic research at CLSA in Hong Kong. Overseas demand remained lackluster, he said. The nations stimulus and credit boom have countered a collapse in trade and aided businesses from Semiconductor Manufacturing International Corp. to General Motors Co. Airbus SAS rolled out in June the first aircraft assembled at its China factory as the planemaker seeks more business there. The worlds third-biggest economy expanded 7.9 percent in the second quarter. Output and new-order indexes climbed in the CLSA study, which also showed inflation pressures building as prices of inputs and outputs jumped. An export-order index stayed above 50 for a second month. An employment index rose for a second month. Aggressive Policies China s aggressive policy response will fuel the nation s growth for the rest of the year, said Wang Qing, chief Asia economist for Morgan Stanley in Hong Kong. In the U.K., a gauge based on a survey of factories climbed to the highest since March 2008, the Chartered Institute of Purchasing and Supply and Markit said. An index of euro-area manufacturing rose more than initially estimated to an 11-month high, Markit Economics said. Australian manufacturing contracted at the slowest pace since September, the Australian Industry Group and PricewaterhouseCoopers said. India’s factory output rose for a fourth month, according to Markit Economics’ Purchasing Managers Index. Commodity prices may rise further in 2010 as the global recession abates, Nouriel Roubini, the New York University economist who predicted the financial crisis, said today at a conference in Kalgoorlie, Western Australia. Bad Loans, Asset Bubbles Chinese policy makers will take their cue from the U.S. on when to end economic rescue efforts, central bank Governor Zhou Xiaochuan said July 28 in Washington. The explosion in credit is stoking concern that the nation’s recovery may come at the cost of bad loans, bubbles in stocks and property and resurgent inflation. IHS Global Insight spokesman Jim Dorsey confirmed today the company’s forecast for China overtaking the U.S. as the world’s biggest manufacturer, which was published by the Wall Street Journal. Last year, the company’s estimate was for 2016 or 2017, the newspaper said. China’s stimulus measures helped a 78 percent increase in General Motors’ vehicle sales in the nation in July from a year earlier. Semiconductor Manufacturing, China’s biggest chipmaker, said its factories will be more fully used this quarter than in the previous three months as demand improves. To contact the Bloomberg News staff on this story: Paul Panckhurst in Beijing at ppanckhurst@bloomberg.net

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