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Search resuls for: "Gabriel Crossley"

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China walks a tightrope on property clampdown
  + stars: | 2021-11-18 | by ( Gabriel Crossley | )   time to read: +5 min
China’s property sector is heavily reliant on credit. Property and related industries account for about a quarter of China’s GDP, analysts estimate, and drive demand for mountains of steel, cement and other materials. GRAPHIC: China GDP by sectorA further significant economic downturn could have ramifications across the world. A more severe deterioration could have China’s GDP growth bottoming out at 1.0% in the first three months of 2023, and global growth taking a substantial hit. “The worst hit countries would be those for whom exports to China are particularly important and commodity exporters,” said the Oxford analysts.
Persons: Aly, Nomura, lurching, Xi Jinping, Organizations: REUTERS, China Evergrande Holdings, Bankers, Oxford Economics, Oxford Locations: BEIJING, Beijing, Shanghai, China, China's, Shenzhen
US President Joe Biden stressed "just simple, straightforward competition" with China. Chinese President Xi Jinping said the two sides must increase communication and cooperation. The U.S. president smiled broadly as the Chinese president appeared on a large screen in the conference room. Biden and Xi have not had a face-to-face meeting since Biden became president and the last time they spoke it was via telephone in September. The White House has declined to answer questions on whether the United States will send officials to the Beijing Winter Olympics in February.
Persons: Joe Biden, Xi Jinping, Biden, Xi, Scott Kennedy, Zhao Lijian, Communist Party's, Biden's, Bill Hagerty, Donald Trump Organizations: Service, . Security Council, U.S, Beijing, Olympics, Games, Washington's Center, Strategic, International Studies, Communist Party, Foreign, Congress, China, Pentagon Locations: China, United States, Taiwan, U.S, Beijing, Washington, Communist, Russia, Japan
BEIJING (Reuters) -China’s industrial output and retail sales grew more quickly than expected in October, despite fresh curbs to control COVID-19 outbreaks and supply shortages, but the slowing property sector weighed on the economic outlook. China Daily via REUTERSOutput grew 3.5% in October from the same period a year ago, official data showed on Monday, accelerating from a 3.1% increase in September. Retail sales growth also picked up. Retail sales rose 4.9% year-on-year in October, beating expectations for 3.5% growth and after a 4.4% increase in September. Sentiment in China’s property market has been shaken by a deepening debt crisis, with property giant China Evergrande and Kaisa Group grappling with looming defaults.
Persons: , Louis Kuijs, Zhiwei Zhang, ” Zhang, Oxford’s, Fu Linghui, , Zhang Organizations: REUTERS, Oxford Economics, National Bureau of Statistics, Reuters, NBS Locations: BEIJING, Wuhan, Hubei province, China, Asia, Beijing
Consumer price rises also quickened, although at a slower pace than factory gate prices. Slowing economic growth and soaring factory inflation have fuelled concerns over stagflation, which could mean China has to move cautiously on loosening monetary policy. "Rising CPI inflation and elevated PPI inflation reduces the probability of a PBoC policy rate cut," said Ting Lu, Chief China Economist at Nomura. Restrictions on carbon emissions and soaring prices of coal, a key fuel for electricity generation, led to power rationing and production cuts in recent months, although coal prices have since fallen after government intervention. "Factory gate inflation is probably close to a peak," said Julian Evans-Pritchard, senior China economist at Capital Economics, in a note, citing coal price falls.
Persons: Kim Kyung, heightening, Zhiwei Zhang, Ting Lu, Julian Evans, Pritchard, Liangping Gao, Gabriel Crossley, Sam Holmes Organizations: REUTERS, CPI, National Bureau of Statistics, People's Bank of China, China, Nomura, POWER, Capital Economics, Foods, PPI, Thomson Locations: Tangshan, Hebei province, China, BEIJING, Foshan, Jiangsu, Fujian
Employees work on the production line of American infant product and toy manufacturer Kids2 at a factory in Jiujiang, Jiangxi province, China June 22, 2021. Business always surges around the holidays, but this year has been turned on its head by the pandemic. Some economists also see signs of a demand peak, easing inflationary pressures in coming months. This drop in demand will come as supply chain blockages ease, "both putting downward pressure on prices," she said. All the company's early work is one reason he is keeping a close eye on the risk of oversupply.
Persons: Gabriel Crossley, Ryan Gunnigle, Baby Einstein, Nancy Lazar, Gunnigle, Toys2, Timothy Aeppel, Howard Schneider, Dan Burns, Matthew Lewis Organizations: REUTERS, Kids2, Atlanta -, Cornerstone, Global, Thomson Locations: Jiujiang, Jiangxi province, China, Atlanta, United States, Southern California, Los Angeles, Long, West Coast, East Coast, New York, Washington
China's falling factory activity a sign of economic woes ahead
  + stars: | 2021-10-31 | by ( )   time to read: +4 min
The official manufacturing Purchasing Manager's Index (PMI) was at 49.2 in October, down from 49.6 in September, data from the National Bureau of Statistics (NBS) showed on Sunday. read moreIn line with the softer headline PMI, a subindex for production slipped to 48.4 in October from 49.5 in September. While the transport sector including air and railway services expanded, the growth was relatively weak, Zhao said. China's official October composite PMI, which includes both manufacturing and services activity, stood at 50.8, down from September's 51.7. Reporting by Ryan Woo and Gabriel Crossley; Editing by William Mallard and Richard PullinOur Standards: The Thomson Reuters Trust Principles.
Persons: Zhang Liqun, Zhiwei Zhang, Zhou Hao, Zhao Qinghe, Zhao, Ryan Woo, Gabriel Crossley, William Mallard, Richard Pullin Organizations: REUTERS, PMI, National Bureau of Statistics, China Logistics Information, Reuters, Bank of China, NBS, Thomson Locations: Wuhan, Hubei province, China, BEIJING, stagflation, expansionary, September's
BEIJING, Oct 31 (Reuters) - China’s factory activity contracted more than expected in October, shrinking for the second straight month, as high raw material prices and power disruptions pressured manufacturers in the world’s second-largest economy. The official manufacturing Purchasing Manager’s Index (PMI) was at 49.2 in October, down from 49.6 in September, data from the National Bureau of Statistics (NBS) showed on Sunday. The 50-point mark separates growth from contraction. Analysts had expected it to come in at 49.7. (Reporting by Ryan Woo and Gabriel Crossley; Editing by William Mallard)
Persons: Ryan Woo, Gabriel Crossley, William Mallard Organizations: National Bureau of Statistics Locations: BEIJING
China weighs cooling measures on coal, prices plunge again
  + stars: | 2021-10-28 | by ( )   time to read: +2 min
It did not disclose a level to set, but three major coal producers said on Wednesday they would fix ceilings for prices of thermal coal at 1,200 yuan ($188) a tonne for the winter heating season. The most-traded thermal coal futures contract on the Zhengzhou Commodity Exchange fell 13% on Thursday to 1,033.8 yuan ($161.47) per tonne, hitting the daily trading limit. Wednesday's meeting also aimed to identify firms deliberately inflating coal prices, the state planner said. Along with the market regulator, it has sent four teams to carry out "special supervision" of spot coal prices in the top three production regions. On Tuesday, the planner said it was studying a new mechanism to guide thermal coal prices into a reasonable range over the long run.
Persons: Tingshu, Wednesday's, Shivani Singh, Aizhu Chen, Muyu Xu, Gabriel Crossley, Clarence Fernandez, Christian Organizations: China Energy, REUTERS, State, National Development, Reform Commission, Zhengzhou Commodity Exchange, State Council, Thomson Locations: China, Shenyang, Liaoning province, BEIJING, Zhengzhou, Shanxi, Shaanxi, Inner Mongolia, Qinhuangdao, Hebei
U.S. Treasury Secretary Janet Yellen answers questions during the Senate Appropriations Subcommittee hearing on Capitol Hill in Washington, D.C., U.S., June 23, 2021. Greg Nash/Pool via REUTERSBEIJING, Oct 26 (Reuters) - China's Vice Premier Liu He spoke with U.S. Treasury Secretary Janet Yellen on Oct. 26 via video call and talked about the macroeconomic situation and bilateral relations, according to a statement from China's commerce ministry. Yellen "frankly raised issues of concern," the U.S. Treasury later said in a short separate statement, which did not elaborate on the concerns but added that Yellen looked forward to future discussions with Liu. Liu, who has led China's negotiations in Sino-U.S. trade talks since former U.S. President Donald Trump embarked on a trade war with Beijing, has held talks with both Yellen and U.S. Trade Representative Katherine Tai earlier this year. read moreReporting by Gabriel Crossley; Editing by Christopher Cushing and Richard PullinOur Standards: The Thomson Reuters Trust Principles.
Persons: Janet Yellen, Greg Nash, Liu, Yellen, Donald Trump, Katherine Tai, Joe Biden, Tai, Trump, Gabriel Crossley, Christopher Cushing, Richard Pullin Organizations: Treasury, Capitol, Washington , D.C, REUTERS, U.S, U.S . Treasury, . Trade, China, Thomson Locations: Washington ,, REUTERS BEIJING, China, Sino, U.S, Beijing
China urges faster COVID-19 testing amid latest outbreak
  + stars: | 2021-10-26 | by ( )   time to read: +2 min
Frequent testing, and sometimes mass testing, is standard practice in China's containment of domestically transmitted outbreaks in the past year, but health authorities say testing services remain unsatisfactory in parts of China amid flare-ups. China is facing a new wave of infections involving nearly 200 locally transmitted symptomatic cases in 12 provincial areas since Oct. 17. Many of the infected were from remote parts of northwest China without as much health resources as major cities. While China is yet to approve self-testing kits for diagnosing COVID-19, swab tests that require professional labs to process samples are widely available. Local governments have recently cut prices of swab tests, with certain tests charging as little as 13 yuan ($2.00) in the Chinese capital of Beijing.
Persons: Roxanne Liu, Ryan Woo, Gabriel Crossley, Christopher Cushing, Michael Perry Organizations: cnsphoto, REUTERS, National Health Commission, NHC, Thomson Locations: Lanzhou, Gansu province, China, REUTERS BEIJING, Beijing, Inner Mongolia, Zhangjiajie, Yangzhou
People look at a screen showing Chinese President Xi Jinping reviewing a military parade at the Museum of the Communist Party of China that was opened ahead of the 100th founding anniversary of the Party in Beijing, China June 25, 2021. REUTERS/Thomas Peter/File PhotoBEIJING, Oct 26 (Reuters) - China's President Xi Jinping called for efforts to "break new ground" in military equipment and weapons development for the People's Liberation Army, China's armed forces, according to a report from the official Xinhua media on Tuesday. Xi, who is also chair of China's Central Military Commission (CMC), made the comments at a conference in Beijing, according to the report. China's strategic capabilities had been enhanced by "leapfrog development" in military equipment and weapons, said Xi. Reporting by Gabriel Crossley Editing by Raissa KasolowskyOur Standards: The Thomson Reuters Trust Principles.
Persons: Xi Jinping, Thomas Peter, Xi, Zhang Youxia, Gabriel Crossley, Raissa Organizations: Museum of, Communist Party of, Party, REUTERS, People's Liberation Army, Xinhua, China's, Military Commission, CMC, Thomson Locations: Communist Party of China, Beijing, China, BEIJING
Chinese State Councillor and Foreign Minister Wang Yi attends a Lanting Forum with the theme "China and the UN: Cooperation in 50 Years and Beyond”, in Beijing, China June 25, 2021. REUTERS/Tingshu WangBEIJING, Oct 25 (Reuters) - China's foreign ministry said on Monday that Foreign Minister and State Councillor Wang Yi will meet a delegation of the interim Afghan Taliban government during his visit to Qatar on Oct. 25-26. The two sides will exchange views on the situation in Afghanistan and topics of "common concern", said foreign ministry spokesman Wang Wenbin, speaking at a regular news briefing in Beijing. The month before, a Taliban delegation had met Wang Yi in the northern Chinese city of Tianjin. Reporting by Gabriel Crossley; Writing by Ryan Woo; Editing by Giles Elgood, William MacleanOur Standards: The Thomson Reuters Trust Principles.
Persons: Wang Yi, Tingshu Wang, Wang Wenbin, Gabriel Crossley, Ryan Woo, Giles Elgood, William Maclean Organizations: UN, Cooperation, REUTERS, Taliban, Turkestan Islamic Movement, Thomson Locations: China, Beijing, Tingshu Wang BEIJING, Qatar, Afghanistan, United States, Tianjin, Turkestan, Xinjiang
The Olympic flame burns in a cauldron at the ceremony to welcome the flame for the Beijing 2022 Winter Olympics, in Beijing, China October 20, 2021. REUTERS/Tingshu WangBEIJING, Oct 25 (Reuters) - Competitors in the Beijing 2022 Winter Olympics will be subject to daily tests for COVID-19 and will be required to remain in a closed loop that includes transport between the various games venues, organisers said in guidelines released on Monday. "We want everyone at the Games to be safe, that's why we're asking all participants to follow these guidelines," IOC Olympic Games Executive Director Christophe Dubi said in a statement. Organisers added that the closed loop system has been designed to keep competitors safe by reducing unnecessary interactions. Vaccination is not mandatory for the Beijing Games but some national Olympic committees, including that of the United States and Canada, are requiring team members to be vaccinated.
Persons: Tingshu Wang, COVID, Christophe Dubi, Gabriel Crossley, Shrivathsa Sridhar, Christian Radnedge Organizations: Beijing, REUTERS, Games, IOC Olympic Games, Olympic, Paralympic, Beijing Games, Thomson Locations: Beijing, China, Tingshu Wang BEIJING, United States, Canada, Bengaluru
In Asia, the Red Cross called for urgent help for Papua New Guinea and China's latest outbreak forced the capital Beijing to delay its annual marathon and step up other curbs, less than four months before it hosts the Winter Olympics. Vaccine scepticism is high across central and eastern Europe and as a result the region has become a hotspot. read more"The restrictions seem to be working, there are fewer people on the streets," said Gheorghe Ion, a Bucharest cab driver. "Urgent efforts and further support are needed in healthcare to prevent a massive loss of life in the coming days and weeks," Uvenama Rova, PNG Red Cross secretary general, said. In Western Europe cases were also on the rise, despite higher rates of vaccine uptake than in the continent's east.
Persons: Maxim Shemetov, Vladimir Putin, Gheorghe Ion, I've, inoculations, Mark Rutte, Luiza Ilie, Gleb Stolyarov, Gabrielle Tétrault, Farber, Jason Hovet, Tsvetelia Tsolova, Bart Meijer, Lidia Kelly, Roxanne Liu, Ryan Woo, Gabriel Crossley, Shashwat, Alan Charlish, Alison Williams Organizations: REUTERS, Authorities, Sputnik, Reuters, International Federation of Red, Red Crescent Societies, Thomson Locations: Moscow, Russia, Europe, BUCHAREST, MOSCOW, Asia, Papua New Guinea, Beijing, Romania, Czech Republic, Slovakia, Bulgaria, Bucharest, China, New Zealand, Auckland, Zealand, Western Europe, Netherlands, Prague, Sofia, Amsterdam, Melbourne, Bengaluru
China urges U.S. to avoid sending wrong signals on Taiwan
  + stars: | 2021-10-22 | by ( )   time to read: 1 min
Chinese Foreign Ministry spokesman Wang Wenbin speaks during a news conference in Beijing, China December 14, 2020. REUTERS/Thomas PeterBEIJING, Oct 22 (Reuters) - China's foreign ministry urged the United States on Friday to avoid sending any wrong signals to proponents of Taiwanese independence, after President Joe Biden said the United States would come to the Chinese-claimed island's defence. China has no room for concessions when it comes to its core interests, ministry spokesman Wang Wenbin told a daily news briefing in Beijing. Reporting by Gabriel Crossley; Writing by Ben Blanchard; editing by John StonestreetOur Standards: The Thomson Reuters Trust Principles.
Persons: Wang Wenbin, Thomas Peter BEIJING, Joe Biden, Gabriel Crossley, Ben Blanchard, John Stonestreet Organizations: Foreign Ministry, REUTERS, Thomson Locations: Beijing, China, United States
Taiwan Foreign Minister Joseph Wu attends a news conference for foreign journalists in Taipei, Taiwan April 7, 2021. Asked if China will make steps against the Czechs and Slovaks, he said China "will take proper and necessary measures to firmly defend national sovereignty and territorial integrity. China is already in a dispute with Lithuania after it agreed with Taiwan to open de facto embassies in each other's capitals. China has ramped up its military and diplomatic pressure against Taiwan to force it to accept Chinese sovereignty. Taiwan says it is an independent country with a right to be treated as such internationally, and that it will defend itself from China if attacked.
Persons: Joseph Wu, Ann Wang, Milos Vystrcil, Zdenek Hrib, Wang Wenbin, Wang, Wu, Gabriel Crossley, Ben Blanchard, Kim Coghill Organizations: Taiwan, REUTERS, Prague, Foreign Ministry, Copenhagen Democracy, Thomson Locations: Taipei, Taiwan, BEIJING, Beijing, Slovakia, Czech Republic, China, Prague, Czech, Lithuania, Vatican City, Denmark, Copenhagen
Sep 27, 2021; Canton, MA, USA; Boston Celtics center Enes Kanter (13) during Celtics Media Day in Canton MA. A spokesperson for the NBA in China did not respond to an emailed request for comment, and the Boston Celtics did not respond to a request for comment sent outside business hours. A Weibo fan page for the Boston Celtics with over 650,000 followers wrote that it would cease updating its social feed after Kanter's tweets. On the Celtics' official Weibo page, more than 100 commentators left comments on Thursday criticising the club and Kanter, with some calling for him to be sacked. After Kanter did this, I won't support the Celtics team a single day any longer.
Persons: Enes Kanter, David Butler II, Xi Jinping, Kanter, Dalai, Xi, Baidiucao, Wang Wenbin, Kanter's, Daryl Morey's, Weibo, Lama, I've, Tayyip Erdogan, Gabriel Crossley, Tony Munroe, Nick Macfie Organizations: Boston Celtics, Celtics Media, Sports SHANGHAI, Turkish, New York Knicks, Foreign Ministry, Houston Rockets, CCTV, NBA, Rockets, Winter Games, People's Liberation Army, Celtics, Thomson Locations: Canton, MA, USA, Canton MA, Tibet, China, Australia, Hong Kong, Beijing, Weibo, Turkey
A view shows cranes in front of the skyline of the Central Business District (CBD) in Beijing, China, October 18, 2021. But slowing momentum in the world's second-largest economy underscores the risks and poses a test to Xi's resolve to implement his plans. However, policymakers are unlikely to waver much in their attempts to address what they see as long-term risks and distortions in the economy, analysts say. read more"The slowdown is predominantly policy driven ... (but) Beijing is willing to make the trade-off," said Dan Wang, chief economist at Hang Seng Bank (China). Net exports contributed nearly 20% of China's overall growth in the third quarter, more than double that of the previous three months.
Persons: Thomas Peter BEIJING, Xi, Dan Wang, China Evergrande, Nie Wen, Li Keqiang, Seng's Wang, Zhang Zhiwei, Zhang, Jacqueline Wong Organizations: Central Business, REUTERS, China, Hang Seng Bank, HK, Hwabao Trust, Reuters, Nomura, Thomson Locations: Beijing, China, Shanghai, Erenhot
Investor bids for the four tranche deal reached $23.2 billion, nearly six times the amount raised, official statistics published by advisers showed on Wednesday. The sale comes at a tricky time for China: its economy is slowing, while investors are worried about a regulatory crackdown and potential contagion from China Evergrande Group's (3333.HK) debt problems. The spreads on each of the tranches were the lowest ever for a sovereign bond issue from China, the three sources with direct knowledge of the matter said. The three- and 10-year tranches each raised $1 billion, the 5-year raised $1.5 billion and the 30-year $500 million, the term sheet showed. read moreInvestors questioned the economic implications of the power cuts but were assured China's fundamentals remained strong, the sources with direct knowledge said.
Persons: China Evergrande, Evergrande, Scott Murdoch, Gabriel Crossley, Jacqueline Wong, Sam Holmes, Ana Nicolaci da Costa, Kim Coghill Organizations: REUTERS, U.S, Investor, HK, Finance, Reuters, People's Bank of China, Hong Kong Stock Exchange, Treasuries, Thomson Locations: Tokyo, HONG KONG, China, U.S, Hong Kong
Europe, which relies on Russia for 35% of its gas supplies, has seen its benchmark gas price rise more than 350% this year. As a result, a slew of European firms that supply gas or power to households and companies have folded. Yet Russian gas pipeline export monopoly Gazprom (GAZP.MM) has shown no sign of racing to book extra capacity. A raft of measures to boost coal supplies has yet to feed through. read more"The Chinese government is losing the battle to control soaring coal prices," said Alex Whitworth, head of Asia Pacific power and renewables research at Wood Mackenzie.
Persons: Alex Whitworth, Wood Mackenzie, Frans van Houten, Kevin Yao, Gabriel Crossley, Muyu Xu, Shivani Singh, Oksana Kobzeva, Vladimir Soldatkin, Bart Meijer, Jason Hovet, Jessica Jaganathan, Edmund Blair, Jason Neely, Carmel Crimmins Organizations: Nord, Gazprom, Ohm Energy, Kremlin, Philips, Thomson Locations: Russia, Moscow, Czech, BEIJING, MOSCOW, PRAGUE, Beijing, Brussels, Europe, Britain, Asia, Singapore, Poland, Ukraine, Germany, China, Asia Pacific, OPEC, Amsterdam, Prague
Companies in Europe have trimmed outlooks amid global bottlenecks, while European gas prices, still more than 350% higher than at the start of 2021, have forced more power supply companies across the region to buckle. China's coal output was 334.1 million tonnes last month, down from 335.24 million tonnes in August and 0.9% lower than a year earlier, official data showed. "Despite efforts to increase coal supply, output fell in September due to weather, safety and logistics challenges. Shortages of domestic coal have driven fuel prices for Chinese power generators higher, causing unprofitable firms to ration power to industrial users and forcing some factories to suspend production, disrupting global supply chains. The European gas benchmark may have fallen from this month's peak but is still up more than 350% this year.
Persons: Aly, Alex Whitworth, Wood Mackenzie, Frans van Houten, Kevin Yao, Gabriel Crossley, Muyu Xu, Shivani Singh, Maria Kiselyova, Vladimir Soldatkin, Bart Meijer, Jason Hovet, Jessica Jaganathan, Edmund Blair, Jason Neely Organizations: REUTERS, Companies, Ohm Energy, Philips, Thomson Locations: Shanghai, China, BEIJING, PRAGUE, Europe, Czech, Britain, Asia, Singapore, Beijing, Asia Pacific, reining, Dutch, Russia, Germany, United States, Moscow, Amsterdam, Prague
A Chinese flag flutters at the Tiananmen Square in Beijing, China October 25, 2019. REUTERS/Florence LoBEIJING, Oct 18 (Reuters) - China's ruling Communist Party's Central Committee will hold a key meeting, its sixth plenum, on Nov. 8-11, according to a report from the official Xinhua news agency, citing a Politburo decision. The Central Committee is the largest of the Party’s top decision-making bodies, and its plenums typically take place once a year. The sixth plenum will focus on Party history and achievements, according to the Xinhua report. Reporting by Gabriel Crossley; Editing by Catherine EvansOur Standards: The Thomson Reuters Trust Principles.
Persons: Florence Lo, Gabriel Crossley, Catherine Evans Organizations: REUTERS, Communist Party's, Xinhua, Thomson Locations: Beijing, China, Florence, Florence Lo BEIJING
An electronic display showing the China GDP indexes is seen on a street in Shanghai, China October 16, 2021. Global worries about a possible spillover of credit risk from China’s property sector into the broader economy have also intensified as major developer China Evergrande Group wrestles with more than $300 billion of debt. Aluminium output declined for the fifth consecutive month and daily crude steel output hit the lowest level since 2018. On Sunday, People’s Bank of China governor Yi Gang said the economy is expected to grow 8% this year. Still, the central bank is expected to remain cautious about monetary easing due to worries about high debt and property risks.
Persons: Aly, , Fu Linghui, Louis Kuijs, Iris Pang, Li Keqiang, Yi Gang, Fu Organizations: REUTERS, China Evergrande, National Bureau of Statistics, Oxford Economics, Greater China, ING, People’s Bank of China, , Reuters, Bank of China Locations: BEIJING, China, Shanghai, Beijing, Asia, Greater
Problems including falling factory activity, persistently soft consumption and a slowing property sector have dimmed China’s economic outlook. “We expect the power rationing from mid-September has yet to impact exports,” said Ting Lu, Nomura’s chief China economist. China’s September imports rose 17.6%, lagging an expected 20% gain in a Reuters poll and 33.1% growth the previous month. China posted a trade surplus of $66.76 billion in September, versus the poll’s forecast for a $46.8 billion surplus and $58.34 billion surplus in August. China’s trade surplus with the United States rose to $42 billion, Reuters calculations based on the customs data showed, up from $37.68 billion in August.
Persons: , Ting Lu, Lu, , Louis Kuijs Organizations: REUTERS, Yilei, Reuters, , Oxford Economics, U.S ., China Economic, United Locations: BEIJING, Tianjin, China, Asia, United States, U.S
BEIJING (Reuters) - China’s export growth unexpectedly accelerated in September, as still solid global demand offset some of the pressures on factories from power shortages, supply bottlenecks and a resurgence of domestic COVID-19 cases. Resilient exports could provide a buffer against growing headwinds including weakening factory activity, persistently soft consumption and a slowing property sector. China’s manufacturing PMI unexpectedly shrank in September as industrial firms battled with rising costs and electricity rationing. China posted a trade surplus of $66.76 billion in September, versus the poll’s forecast for a $46.8 billion surplus and $58.34 billion surplus in August. China’s trade surplus with the United States rose to $42 billion, Reuters calculations based on the customs data showed, up from $37.68 billion in August.
Persons: , Erin Xin, King Lau, Louis Kuijs, Julian Evans, Pritchard Organizations: REUTERS, Yilei, Reuters, , HSBC, Factories, Oxford Economics, Capital Economics Locations: BEIJING, Tianjin, China, Guangdong, Zhejiang, Dongguan, Asia, United States
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