Manufacturing Keeps Recovering
HSBC China manufacturing purchasing managers index rose slightly to 50.2 in September from 50.1 in August, marking the second straight month the reading is above the 50 critical point that divides expansion and contraction compared with the previous month. New export orders rose in September for the first time in 6 months, indicating recovering demand of European and American consumers.
Fuel Prices Slashed
China has cut its gasoline and diesel prices by 245 yuan and 235 yuan respectively per ton following tumbling international crude oil prices. This is translated into a 0.18 yuan/liter decrease in 90# gasoline and a 0.2/liter decrease in 0# diesel on average nationwide. It is the 5th and the sharpest fuel markdown in the country this year. China adjusts the government-set fuel prices every 10 business days. It used to do so when a basket of international crude oil prices rise or fall by more than 4% over 22 business days. The 4% threshold has been abandoned.
Building Materials Industry Revenue Rise 15% Through August
Revenue from China's building materials industry rose 15% year on year to 2.6 trillion yuan in the first 8 months, the National Development and Reform Commission said. The industry's profits, which were reported for the January-July period, were up 21.4% year on year to 139.1 billion yuan. Building material exports were up 15.9% year on year to $17 billion between January and July.
430 Million People to Travel During weeklong Break
China's tourism sector is expected to receive a total of 430 million people during the coming National Day holiday October 1-7, up 18% from the same period of a year earlier, the transport division of the Ministry of Public Security predicted.
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