Manufacturing 'Officially' Improving
China's official gauge of manufacturing activity reported an unexpected increase in July while the same gauge compiled by HSBC dipped to an 11-month low. The official reading rose by 0.2 from June to 50.3 in July, according to the National Bureau of Statistics and the China Federation of Logistics and Purchasing. By contrast the HSBC/Markit China Purchasing Managers' Index declined from 48.2 in June to 47.7 in July, which was the lowest level in 11 month and third straight month the reading fell below the 50 critical point that divides contraction and expansion compared with the previous month. The improvement in the official PMI is surprising, but there was no significant improvement and no significant deterioration either, the Wall Street Journal reported, citing Zhu Haibin, chief China economist at JPMorgan. Nomura economist Zhang Zhiwei said the divergence reflects the high level of uncertainty over China's growth outlook.
China Backs Green Industries
The State Council, China's cabinet, has approved a series of policies that support the growth of green and low-carbon industries, the Shanghai Securities News reported, citing Xie Zhenhua, deputy director of the National Development and Reform Commission. It is projected that China will invest a total of 2.3 trillion yuan in energy saving and emissions reductions projects, including 1.8 trillion yuan in renewable energy.
1H Electronics Profits Up 39%
Profits made by China's electronics industry grew 39.3% year on year to 109.3 billion yuan in the first 5 months of 2013, the Ministry of Industry and Information Technology said. Electronics exports were up 21.1% year on year to $379.2 billion in 1H 2013, representing 36% of China's total exports.
Passenger Traffic Up 5.6% in 1H
China's total passenger traffic rose 5.6% year on year to 19.55 billion people in 1H 2013, and total cargo traffic rose 9.6% year on year to 20.88 billion tons during the same period, the Ministry of Transport said. The express mail service industry delivered 3.84 billion parcels and generated 62.98 billion in revenues in 1H 2013, up 60.6% and 34.5% year on year respectively.
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