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Free AccessMNI BRIEF: German Firms Expanding R&D In China
MNI: PBOC Sets Yuan Parity Lower At 7.1027 Mon; +2.85% Y/Y
MNI POLICY: China Economy Not Yet At Normal Levels: Official
By Wanxia Lin
BEIJING (MNI) - China's economy has not yet returned to levels seen in
previous years, despite April's economic indicators showing a pick up from March
levels, said Liu Aihua, a spokeswoman for the National Bureau of Statistics
Friday.
The monthly gains in April were still only a part recovery, said Liu,
noting that the industrial output, service industry production index, fixed
asset investment, retail sales and trade were still lower for the first four
months of the year, falling 4.9%, 9.9%, 10.3%, 16.2% and 4.9%, respectively.
China still has the momentum of a sustained recovery, with certain leading
indicators like newly-started investment projects and power consumption turning
positive by end-April, said Liu, when asked if the economy would stabilize in
Q2.
Here are other keypoints made by Liu:
- Though industrial output first turned positive in April, downside risks
remain. About 85% of industrial companies' productivity has hit only 50% of the
normal level, Liu added.
- There were 3.54 million new jobs added in January to April, 1.05 million
less than the same period last year, indicating that the scale of employment is
shrinking.
- By the end of April, the number of migrant workers returned to about 90%
of previous year levels, while 8.74 million college graduates entering the job
market this year would also added to employment pressures, Liu added.
- The sales of some big ticket items are picking up, with car sales in
April flat. This will help enhance the overall retail sales rebound and narrow
the decline.
--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@marketnews.com
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: M$A$$$,M$Q$$$,MGQ$$$]
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.