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☆ China PMI: Factories send mixed signals about the economy, pressing Beijing to do more
▼ + stars: | 2024-03-01 | by ( Laura He | ) edition.cnn.com time to read: +4 min

But the Caixin manufacturing PMI — which focuses on smaller, private companies — rose to 50.9 in February, up from 50.8 in January, according to S&P Global, which compiled the survey. The divergence in the output and new order sub-indexes is likely related to differences in geographic and sector coverage, as the Caixin PMI covers more southern regions, they said. “Overall, the manufacturing sector continued to improve in February,” said Wang Zhe, senior economist at Caixin Insight Group, in a statement that accompanied the Caixin PMI data. “Looking ahead, the focus should be on the effectiveness of the measures [announced previously by Beijing to boost growth],” Wang said. “Fiscal policy will lead the way,” HSBC analysts said Friday.

Persons: ” Goldman Sachs, ”, Wang Zhe, ” Wang, Xi Jinping, Lintao Zhang, “ Organizations: Hong Kong CNN, National Bureau of Statistics, P, National People’s Congress, PMI, Caixin Insight, “, of People, Communist Party’s Politburo, NPC, Xinhua, HSBC Locations: China, Hong Kong, Beijing, Southern China, Guangdong, Zheijang, ” China

☆ China gears up to ring in Year of the Dragon with expected record 9 billion trips
▼ + stars: | 2024-02-09 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +6 min

Authorities last month forecast that China’s population of 1.4 billion would take a record 9 billion trips during the 40-day holiday travel period, which began on January 26. Stringer/VCG/Getty Images A man takes photos of blooming plum blossoms at the Summer Palace in Beijing, China on February 5. Johanes P. Christo/NurPhoto/AP Crowds flock to the Spring Festival Light Show in Xi'an, Shaanxi Province, China on February 3. Axel Miranda/SOPA Images/Sipa/Reuters Workers assemble dragon lanterns at a production workshop in Nanchang, Jiangxi Province, China on January 24. Two major indexes recorded their worst drops in years capping off a dire 2023 that saw China’s stock markets become the world’s worst performer.

Persons: ”, Luo, Stringer, VCG, Zhang Yu, Ulet Ifansasti, Johanes, NurPhoto, Zhang Cheng, Wu Wenjun, Axel Miranda, Xi Jinping, ” Xi Organizations: Hong Kong CNN —, Festival, CNN, Authorities, China News Service, Spring, Reuters Workers, HSBC, Beijing, United States Embassy Locations: Hong Kong, China, Beijing, Fujian, Xi'an, Shaanxi Province, Solo City, Indonesia, Dharmayana, Bali , Indonesia, Guangzhou, China's, Guangdong Province, Barcelona, Spain, Nanchang, Jiangxi Province, Shanghai

☆ China slips back into deflation in October after pork prices plunged
▼ + stars: | 2023-11-09 | by ( Manav Tanneeru | Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Consumer prices in China fell more than expected last month, sliding the country back into deflation and renewing concerns about the strength of the world’s second largest economy. As China’s most consumed meat, pork has an outsized weighting in the consumer price index. He said deflation was a “pernicious” situation characterized by a decline in consumer prices as well as the prices of assets and wages, leading to a sharp slowdown in economic activity. But consumer prices recovered in August. This drop “reflects uncertainty around the solidity of China’s recovery,” HSBC Greater China economist Erin Xin noted in a report.

Persons: Goldman Sachs, Robert Carnell, ”, Erin Xin Organizations: Hong Kong CNN —, National Bureau of Statistics, Economics, Asia Pacific, ING, ” HSBC Locations: China, Hong Kong

☆ HSBC Q3 results: Bank takes $500 million hit on Chinese real estate and warns of risk of ‘further deterioration
▼ + stars: | 2023-10-30 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —HSBC warned Monday that China’s property market has “potential for a further deterioration” as it reported profits that fell short of expectations, partly because of a $500 million charge to cover potential losses on commercial real estate loans. The results, however, fell shy of expectations from analysts, who had projected about $8.1 billion in pre-tax profit and revenue of $16.3 billion. In the third quarter, HSBC (HSBC) said it had adjusted its expected credit losses — the money it sets aside for defaults on loans — to include a charge of $500 million related to commercial real estate in mainland China. HSBC has fared better, with its latest results showing strength overall, Jefferies analysts wrote in a note Monday. HSBC shares were little changed in London following its results, while its stock listed in Hong Kong closed down 1.5%.

Persons: Noel Quinn, Quinn, Jefferies Organizations: Hong Kong CNN — HSBC, Revenue, HSBC, Chartered Locations: Hong Kong, “, China, Asia, London

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