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Manufacturing Continues to Slow
China's official purchasing managers' index, a gauge of manufacturing activity, grew at the slowest pace in seven months, making the case for the government to take bolder actions to tackle the decelerating economy. The index, published by the China Federation of Logistics and Purchasing, read 50.2 for June, down from 50.4 a month earlier; yet it was also the seventh straight month the reading was above the critical reading of 50, indicating expansion.
Steel Mills Mired in Losses
China's 77 major steelmakers reported ¥310.16 billion in revenues and ¥1.4 billion in net profits in May, down 2.1% and 21.66% from the previous month, a source from the China Iron & Steel Association said. In May, 31.3% of the 77 mills were in the red, posting a combined ¥2.14 billion loss, up 8.8% from April, according to the source. Between January and May, the major steel plants reported ¥1.5 trillion in revenues and just ¥2.53 billion in net profits, down 1.6% and 94.35% respectively from the same period a year ago.
Pharma Output Jumps 19% Jan-May
Output from China's pharmaceutical industry expanded 17.2% year on year to ¥146.93 billion in May, the National Development and Reform Commission said. Between January and May, pharmaceutical output added up to ¥671.96 billion, up 19.2% from the same period a year ago.
China Takes 71% of Global Energy Consumption Growth
China contributed as much as 71% of the growth in global energy consumption last year, according to a report released by BP.
$1 = ¥6.31
@2011 China Economy @ The China Perspective.
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