Chindia Alert: You’ll be Living in their World Very Soon
aims to alert you to the threats and opportunities that China and India present. China and India require serious attention; case of ‘hidden dragon and crouching tiger’.
Without this attention, governments, businesses and, indeed, individuals may find themselves at a great disadvantage sooner rather than later.
The POSTs (front webpages) are mainly 'cuttings' from reliable sources, updated continuously.
The PAGEs (see Tabs, above) attempt to make the information more meaningful by putting some structure to the information we have researched and assembled since 2006.
BEIJING (Reuters) – China will cut its subsidies on new energy vehicles (NEV) by 10% this year, and will expand government purchases of NEVs, the finance ministry said on Thursday.
China will in principle cut such subsidies by 20% in 2021 and 30% in 2022, the finance ministry said in a statement. However, it will not cut subsidies on qualified new energy commercial vehicles earmarked for public purposes this year.
Under the plan, China would extend subsidies for NEV purchases to 2022, rather than ending them this year, and extend their purchase tax exemption for two years.
China will slightly lift the requirements for the driving range and power efficiency of cars qualified for the subsidies, the statement said, adding authorities will support the sales of cars with swappable batteries, a technology that has been pursued by Chinese electric vehicle makers Nio Inc (NIO.N) and BAIC BluePark (600733.SS).
Only passenger cars cheaper than 300,000 yuan (34,330.23 pounds) will be offered subsidies, it said. The price is higher than starting price of Tesla Inc’s (TSLA.O) China-made Model 3 sedans.
China also said authorities will give priority to purchase new energy vehicles for government use but did not give further details.
The new policy is effective from April 23. NEVs include battery-powered electric, plug-in hybrid and hydrogen fuel-cell vehicles.
China has set an aggressive goal for NEVs to account for a fifth of auto sales by 2025 compared with the current 5%, as it seeks to reduce pollution and cultivate homegrown champions.
Sales of NEVs, however, contracted for a ninth month in a row in March and were down over 50% from a year earlier, according to data from the China Association of Automobile Manufacturers (CAAM).
BRUSSELS (Reuters) – The euro zone’s trade surplus with the rest of the world grew in February, with a decline in imports from China as well as sharply lower energy needs because of mild winter weather.
The unadjusted goods trade surplus grew to 23.0 billion euros ($25.1 billion) in February, compared with 18.5 billion euros a year earlier. Exports rose by 1.6%, while imports fell by 1.0%.
For China, which already had widespread coronavirus restrictions in place in February, exports from the European Union as a whole were slightly lower than in February 2019. However, imports were down by 8.1%, according to data on Eurostat’s website.
Energy imports as a whole also declined by 9.6% in February, when comparing Jan-Feb data issued on Monday and January data from a month ago. That translated into 10.1% lower imports from Russia and 5.9% less from Norway.
The trade surplus with the United States, by contrast, grew by 21% in the month as exports increased and imports declined. The persistent surplus in goods has been a source of transatlantic tension.
On a seasonally adjusted basis the euro zone trade surplus also rose to 25.8 billion euros in February from 18.2 billion euros in January. Exports were 1.8% higher month-on-month and imports 2.3% lower.
Faced with a backlash from the West over its handling of the early stages of the pandemic, Beijing has been quietly gaining ground in Asia
Teams of experts and donations of medical supplies have been largely welcomed by China’s neighbours
Despite facing some criticism from the West, China’s Asian neighbours have welcomed its medical expertise and vital supplies. Photo: Xinhua
While China’s campaign to mend its international image in the wake of its handling of the coronavirus health crisis has been met with scepticism and even a backlash from the US and its Western allies, Beijing has been quietly gaining ground in Asia.
Teams of experts have been sent to Cambodia, the Philippines, Myanmar, Pakistan and soon to Malaysia, to share their knowledge from the pandemic’s ground zero in central China.
China has also held a series of online “special meetings” with its Asian neighbours, most recently on Tuesday when Premier Li Keqiang discussed his country’s experiences in combating the disease and rebooting a stalled economy with the leaders of the Association of Southeast Asian Nations (Asean), Japan and South Korea.
Chinese Prime Minister Li Keqiang speaks to Asean Plus Three leaders during a virtual summit on Tuesday. Photo: AP
Many Western politicians have publicly questioned Beijing’s role and its subsequent handling of the crisis but Asian leaders – including Philippine President Rodrigo Duterte and Japanese Prime Minister Shinzo Abe – have been reluctant to blame the Chinese government, while also facing criticism at home for not closing their borders with China soon enough to prevent the spread of the virus.
An official from one Asian country said attention had shifted from the early stages of the outbreak – when disgruntled voices among the public were at their loudest – as people watched the virus continue its deadly spread through their homes and across the world.
“Now everybody just wants to get past the quarantine,” he said. “China has been very helpful to us. It’s also closer to us so it’s easier to get shipments from them. The [medical] supplies keep coming, which is what we need right now.”
The official said also that while the teams of experts sent by Beijing were mainly there to observe and offer advice, the gesture was still appreciated.
Another Asian official said the tardy response by Western governments in handling the outbreak had given China an advantage, despite its initial lack of transparency over the outbreak.
“The West is not doing a better job on this,” he said, adding that his government had taken cues from Beijing on the use of propaganda in shaping public opinion and boosting patriotic sentiment in a time of crisis.
“Because it happened in China first, it has given us time to observe what works in China and adopt [these measures] for our country,” the official said.
Experts in the region said that Beijing’s intensifying campaign of “mask diplomacy” to reverse the damage to its reputation had met with less resistance in Asia.
Why China’s ‘mask diplomacy’ is raising concern in the West
29 Mar 2020
“Over the past two months or so, China, after getting the Covid-19 outbreak under control, has been using a very concerted effort to reshape the narrative, to pre-empt the narrative that China is liable for this global pandemic, that China has to compensate other countries,” said Richard Heydarian, a Manila-based academic and former policy adviser to the Philippine government.
“It doesn’t help that the US is in lockdown with its domestic crisis and that we have someone like President Trump who is more interested in playing the blame game rather than acting like a global leader,” he said.
Shahriman Lockman, a senior analyst with the foreign policy and security studies programme at Malaysia’s Institute of Strategic and International Studies, said that as the US had withdrawn into its own affairs as it struggled to contain the pandemic, China had found Southeast Asia a fertile ground for cultivating an image of itself as a provider.
China’s first-quarter GDP shrinks for the first time since 1976 as coronavirus cripples economy
Beijing’s highly publicised delegations tasking medical equipment and supplies had burnished that reputation, he said, adding that the Chinese government had also “quite successfully shaped general Southeast Asian perceptions of its handling of the pandemic, despite growing evidence that it could have acted more swiftly at the early stages of the outbreak in Wuhan”.
“Its capacity and will to build hospitals from scratch and put hundreds of millions of people on lockdown are being compared to the more indecisive and chaotic responses seen in the West, especially in Britain and the United States,” he said.
Coronavirus droplets may travel further than personal distancing guidelines
16 Apr 2020
Lockman said Southeast Asian countries had also been careful to avoid getting caught in the middle of the deteriorating relationship between Beijing and Washington as the two powers pointed fingers at each other over the origins of the new coronavirus.
“The squabble between China and the United States about the pandemic is precisely what Asean governments would go to great lengths to avoid because it is seen as an expression of Sino-US rivalry,” he said.
“Furthermore, the immense Chinese market is seen as providing an irreplaceable route towards Southeast Asia’s post-pandemic economic recovery.”
Aaron Connelly, a research fellow in Southeast Asian political change and foreign policy with the International Institute for Strategic Studies in Singapore, said Asian countries’ dependence on China had made them slow to blame China for the pandemic.
“Anecdotally, it seems to me that most Southeast Asian political and business elites have given Beijing a pass on the initial cover-up of Covid-19, and high marks for the domestic lockdown that followed,” he said.
“This may be motivated reasoning, because these elites are so dependent on Chinese trade and investment, and see little benefit in criticising China.”
China and Vietnam ‘likely to clash again’ as they build maritime militias
12 Apr 2020
The cooperation with its neighbours as they grapple with the coronavirus had not slowed China’s military and research activities in the disputed areas of the South China Sea – a point of contention that would continue to cloud relations in the region, experts said.
Earlier this month an encounter in the South China Sea with a Chinese coastguard vessel led to the sinking of a fishing boat from Vietnam, which this year assumed chairmanship of Asean.
And in a move that could spark fresh regional concerns, shipping data on Thursday showed a controversial Chinese government survey ship, the Haiyang Dizhi 8, had moved closer to Malaysia’s exclusive economic zone.
The survey ship was embroiled in a months-long stand-off last year with Vietnamese vessels within Hanoi’s exclusive economic zone and was spotted again on Tuesday 158km (98 miles) off the Vietnamese coast.
Image copyright GETTY IMAGESImage caption The Chinese city of Wuhan recently lifted its strict quarantine measures
The Chinese city of Wuhan, where the coronavirus originated last year, has raised its official Covid-19 death toll by 50%, adding 1,290 fatalities.
Wuhan officials attributed the new figure to updated reporting and deaths outside hospitals. China has insisted there was no cover-up.
It has been accused of downplaying the severity of its virus outbreak.
Wuhan’s 11 million residents spent months in strict lockdown conditions, which have only recently been eased.
The latest official figures bring the death toll in the city in China’s central Hubei province to 3,869, increasing the national total to more than 4,600.
China has confirmed nearly 84,000 coronavirus infections, the seventh-highest globally, according to Johns Hopkins University data.
What’s China’s explanation for the rise in deaths?
In a statement released on Friday, officials in Wuhan said the revised figures were the result of new data received from multiple sources, including records kept by funeral homes and prisons.
Deaths linked to the virus outside hospitals, such as people who died at home, had not previously been recorded.
Media caption Learn how Wuhan dealt with the lockdown
The “statistical verification” followed efforts by authorities to “ensure that information on the city’s Covid-19 epidemic is open, transparent and the data [is] accurate”, the statement said.
It added that health systems were initially overwhelmed and cases were “mistakenly reported” – in some instances counted more than once and in others missed entirely.
A shortage of testing capacity in the early stages meant that many infected patients were not accounted for, it said.
A spokesman for China’s National Health Commission, Mi Feng, said the new death count came from a “comprehensive review” of epidemic data.
In its daily news conference, the foreign ministry said accusations of a cover-up, which have been made most stridently on the world stage by US President Donald Trump, were unsubstantiated. “We’ll never allow any concealment,” a spokesman said.
Why are there concerns over China’s figures?
Friday’s revised figures come amid growing international concern that deaths in China have been under-reported. Questions have also been raised about Beijing’s handling of the epidemic, particularly in its early stages.
In December 2019, Chinese authorities launched an investigation into a mysterious viral pneumonia after cases began circulating in Wuhan.
China reported the cases to the World Health Organization (WHO), the UN’s global health agency, on 31 December.
But WHO experts were only allowed to visit China and investigate the outbreak on 10 February, by which time the country had more than 40,000 cases.
The mayor of Wuhan has previously admitted there was a lack of action between the start of January – when about 100 cases had been confirmed – and 23 January, when city-wide restrictions were enacted.
Around that time, a doctor who tried to warn his colleagues about an outbreak of a Sars-like virus was silenced by the authorities. Dr Li Wenliang later died from Covid-19.
Wuhan’s death toll increase of almost exactly 50% has left some analysts wondering if this is all a bit too neat.
For months questions have been asked about the veracity of China’s official coronavirus statistics.
The inference has been that some Chinese officials may have deliberately under-reported deaths and infections to give the impression that cities and towns were successfully managing the emergency.
If that was the case, Chinese officials were not to know just how bad this crisis would get in other countries, making its own figures now seem implausibly small.
The authorities in Wuhan, where the first cluster of this disease was reported, said there had been no deliberate misrepresentation of data, rather that a stabilisation in the emergency had allowed them time to revisit the reported cases and to add any previously missed.
That the new death toll was released at the same time as a press conference announcing a total collapse in China’s economic growth figures has led some to wonder whether this was a deliberate attempt to bury one or other of these stories.
Then again, it could also be a complete coincidence.
China has been pushing back against US suggestions that the coronavirus came from a laboratory studying infectious diseases in Wuhan, the BBC’s Barbara Plett Usher in Washington DC reports.
US President Donald Trump and some of his officials have been flirting with the outlier theory in the midst of a propaganda war with China over the origin and handling of the pandemic, our correspondent says.
Mr Trump this week halted funding for the World Health Organization (WHO), accusing it of making deadly mistakes and overly trusting China.
“Do you really believe those numbers in this vast country called China, and that they have a certain number of cases and a certain number of deaths; does anybody really believe that?” Mr Trump said at the White House on Wednesday.
On Thursday, UK Foreign Secretary Dominic Raab said: “We’ll have to ask the hard questions about how [coronavirus] came about and how it couldn’t have been stopped earlier.”
But China has also been praised for its handling of the crisis and the unprecedented restrictions that it instituted to slow the spread of the virus.
Indian defence officials have reported a coronavirus outbreak at a key naval base in the western city of Mumbai.
Twenty-one personnel have tested positive for Covid-19 at INS Angre, which is the seat of the force’s western command, the navy said in a statement on Saturday.
It added that there are no infections aboard any ships or submarines.
India has 11,906 active infections and 480 deaths, according to the latest data from the ministry of health.
The Navy said that they had tested a number of personnel who had come into contact with a soldier who had tested positive earlier this month. Many of those who had tested positive for the virus, the statement added, were asymptomatic.
All 21 personnel live in the same residential block, which has been declared a containment zone and has been placed under lockdown.
In a video message to personnel last week, Navy Chief Admiral Karambir Singh stressed the importance of keeping ships and submarines free of the virus.
“The coronavirus pandemic is unprecedented and it has never been seen before. Its impact has been extraordinary across the globe, including India,” he said.
The navy has been playing an active role in India’s response to the Covid-19 outbreak.
It has set up isolation facilities to treat patients at one of its premier hospital units and is also running quarantine camps.
The outbreak aboard the Indian naval base follows reports of outbreaks aboard vessels belonging to other nations.
More than 500 sailors on the USS Roosevelt have tested positive for the virus and one of them died earlier this week. And nearly a third of the sailors serving with France’s aircraft carrier Charles de Gaulle – 668 out of nearly 2,000 – have been infected with coronavirus.
SHANGHAI (Reuters) – China ordered on Saturday that anyone in Wuhan working in certain service-related jobs must take a coronavirus test if they want to leave the city.
The order comes after the central city, where the coronavirus emerged late last year, lifted a 70-day lockdown that all but ended the epidemic there.
People in Wuhan work in nursing, education, security and other sectors with high exposure to the public must take a nucleic acid test before leaving, the National Health Commission said in an order.
The government of Hubei province, of which Wuhan is capital, will pay for the tests, the commission said.
Since the city relaxed its lockdown restrictions people who arrived in there before Chinese New Year, when the virus was peaking in China, are allowed to go back to their homes.
People working in other sectors aiming to leave Wuhan are encouraged to take voluntary tests before going.
Within seven days of arrival at their destinations, people who can present test results showing they do not carry the virus, as well as a clean bill of health on a health app, can go back to work.
Everyone else will have to spend 14 days in quarantine before returning to work.
Authorities have worked with the China’s tech giants to devise a colour-based health code system, retrieved via mobile app, that uses geolocation data and self-reported information to indicate one’s health status.
Wuhan will speed up its efforts to investigate asymptomatic coronavirus cases and confirm the presence of antibodies in people, which might suggest immunity, the commission said.
Wuhan, which accounts for 60% of infections in China and 84% of the death toll as of Saturday, has been testing inhabitants aggressively throughout the virus’ breakout and many companies had already been asking workers from the city to undergo tests before resuming work.
Wuhan revised up its death toll from the coronavirus by 1,290 on Friday, taking the city’s toll to 3,869, because of incorrect reporting, delays and omissions, especially in the chaotic early stages of the outbreak, authorities said.
China national death toll is 4,632 from 82,719 cases.
Image copyright GETTY IMAGESImage caption The Chinese city of Wuhan recently lifted its strict quarantine measures
The Chinese city of Wuhan, where the coronavirus originated last year, has raised its official Covid-19 death toll by 50%, adding 1,290 fatalities.
Wuhan officials attributed the new figure to updated reporting and deaths outside hospitals. China has insisted there was no cover-up.
It has been accused of downplaying the severity of its virus outbreak.
Wuhan’s 11 million residents spent months in strict lockdown conditions, which have only recently been eased.
The latest official figures bring the death toll in the city in China’s central Hubei province to 3,869, increasing the national total to more than 4,600.
China has confirmed nearly 84,000 coronavirus infections, the seventh-highest globally, according to Johns Hopkins University data.
What’s China’s explanation for the rise in deaths?
In a statement released on Friday, officials in Wuhan said the revised figures were the result of new data received from multiple sources, including records kept by funeral homes and prisons.
Deaths linked to the virus outside hospitals, such as people who died at home, had not previously been recorded.
Media caption Learn how Wuhan dealt with the lockdown
The “statistical verification” followed efforts by authorities to “ensure that information on the city’s Covid-19 epidemic is open, transparent and the data [is] accurate”, the statement said.
It added that health systems were initially overwhelmed and cases were “mistakenly reported” – in some instances counted more than once and in others missed entirely.
A shortage of testing capacity in the early stages meant that many infected patients were not accounted for, it said.
A spokesman for China’s National Health Commission, Mi Feng, said the new death count came from a “comprehensive review” of epidemic data.
In its daily news conference, the foreign ministry said accusations of a cover-up, which have been made most stridently on the world stage by US President Donald Trump, were unsubstantiated. “We’ll never allow any concealment,” a spokesman said.
Why are there concerns over China’s figures?
Friday’s revised figures come amid growing international concern that deaths in China have been under-reported. Questions have also been raised about Beijing’s handling of the epidemic, particularly in its early stages.
In December 2019, Chinese authorities launched an investigation into a mysterious viral pneumonia after cases began circulating in Wuhan.
China reported the cases to the World Health Organization (WHO), the UN’s global health agency, on 31 December.
But WHO experts were only allowed to visit China and investigate the outbreak on 10 February, by which time the country had more than 40,000 cases.
The mayor of Wuhan has previously admitted there was a lack of action between the start of January – when about 100 cases had been confirmed – and 23 January, when city-wide restrictions were enacted.
Around that time, a doctor who tried to warn his colleagues about an outbreak of a Sars-like virus was silenced by the authorities. Dr Li Wenliang later died from Covid-19.
Wuhan’s death toll increase of almost exactly 50% has left some analysts wondering if this is all a bit too neat.
For months questions have been asked about the veracity of China’s official coronavirus statistics.
The inference has been that some Chinese officials may have deliberately under-reported deaths and infections to give the impression that cities and towns were successfully managing the emergency.
If that was the case, Chinese officials were not to know just how bad this crisis would get in other countries, making its own figures now seem implausibly small.
The authorities in Wuhan, where the first cluster of this disease was reported, said there had been no deliberate misrepresentation of data, rather that a stabilisation in the emergency had allowed them time to revisit the reported cases and to add any previously missed.
That the new death toll was released at the same time as a press conference announcing a total collapse in China’s economic growth figures has led some to wonder whether this was a deliberate attempt to bury one or other of these stories.
Then again, it could also be a complete coincidence.
But China has also been praised for its handling of the crisis and the unprecedented restrictions that it instituted to slow the spread of the virus. WHO Director General Dr Tedros Adhanom Ghebreyesus has hailed China for the “speed with which [it] detected the outbreak” and its “commitment to transparency”.
US President Donald Trump this week halted funding for the WHO, accusing it of making deadly mistakes and overly trusting China.
“Do you really believe those numbers in this vast country called China, and that they have a certain number of cases and a certain number of deaths; does anybody really believe that?” Mr Trump said at the White House on Wednesday.
On Thursday, UK Foreign Secretary Dominic Raab said: “We’ll have to ask the hard questions about how [coronavirus] came about and how it couldn’t have been stopped earlier.”
AutoNavi’s latest data shows increase in offline traffic and searches of major business districts
Traffic data could signal that consumer activity in China has entered a recovery
AutoNavi’s mobile app users can search the names of malls and shops to see real-time traffic data. Photo: AP
Data from AutoNavi, the maps app operated by Alibaba Group Holding, shows that traffic in major shopping districts in China picked up by an average of 30 per cent over the past month, as consumer activity gradually returns to normal now that the coronavirus infection rate appears to have peaked in the country.
The early sign of increased consumer activity in China contrasts with the panic and economic uncertainty now engulfing Europe and the US, as the widening pandemic forces governments around the world to take lessons from China on how to tackle the spread of the disease with curfews and social distancing measures.
AutoNavi’s latest big data report, released on Monday, shows that traffic in and around shopping districts in several major cities in the country rose 30 per cent over the weekend of March 14-15 compared with the weekend of February 15-16, when the coronavirus in China was at its height and many areas in the country were under lockdown.
China’s Meituan Dianping to join maps service battle
15 Aug 2019
“Consumer confidence is starting to rebound as the coronavirus comes under control,” said Guo Ning, vice-president of AutoNavi. “We are seeing more and more people stepping out, with offline consumption slowly recovering.”
Alibaba is the owner of the South China Morning Post.
China’s nearly two-month lockdown has dealt a hammer blow to the economy, with retail sales – a key metric of consumption – down by 20.5 per cent across the combined two months of January and February, marking the first decline on record. The virus has however proved a boon for China’s e-commerce sector, as shoppers stuck at home buy even more online.
The new data appears to show that the country’s offline economy could now see a slow recovery. This does not mean that retail businesses can slack off on preventive measures – hand sanitiser, extra cleaning and temperature monitoring are likely to remain fixtures of everyday life in shopping malls.
AutoNavi’s mobile app users can search the names of malls and shops to see real-time traffic data – often used to avoid visiting malls at peak periods. AutoNavi said the average 30 per cent increase in traffic refers to the combined volume of people using the app to navigate the shopping destinations.
Alibaba’s AutoNavi crosses 100 million daily users
5 Oct 2018
AutoNavi has more than 400 million monthly active users, according to company data. It was the first domestic travel platform to exceed 100 million daily active users.
Digital maps have become a key tool in China’s attempts to control the coronavirus pandemic, with competitor map apps from Baidu and Tencent also launching features to track population flows and provide information on clinics able to test for and treat the disease.
Covid-19, as the novel coronavirus is known, has now killed over 3,200 people in China and infected just over 80,000, of which around 68,000 have recovered. There are now around 87,000 confirmed cases outside China, according to the latest figures from health authorities.
LONDON (Reuters) – Stocks worldwide tumbled on Friday after weak economic data from China and Europe fanned concerns of a global economic slowdown and left investors fretting over the wider impact of a still-unresolved Sino-U.S. trade dispute.
The MSCI All-Country World Index .MIWD00000PUS, which tracks stocks across 47 countries, was down half a percent.
Euro zone business ended the year on a weak note, expanding at the slowest pace in over four years as new order growth all but dried up, hurt by trade tensions and violent protests in France, a survey showed.
Another survey showed French business activity plunged unexpectedly into contraction this month, retreating at the fastest pace in over four years in the face of violent anti-government protests.
Germany’s private sector expansion slowed to a four-year low, meanwhile, suggesting growth in Europe’s largest economy may be weak in the final quarter.
The data out of Europe added to weak readings from China, where November retail sales grew at the weakest pace since 2003 and industrial output rose the least in nearly three years, underlining risks to the economy as Beijing works to defuse a trade dispute with the United States.
Stock markets in Europe opened sharply lower, with Germany’s DAX index .GDAXIfalling 1-1/2 percent. The pan-European STOXX 600 index was down 1.3 percent. [.EU]
“The data this morning out of France really hasn’t helped the mood. You look at China data, you look at the flash PMIs out of France and Germany and they’ve really sort of reinforced concerns that the global economy is slowing down,” said Michael Hewson, chief markets analyst at CMC Markets in London.
“Ultimately, I think it rather questions the wisdom of the ECB ending its asset purchase programme at the end of this month. You’ve got Mario Draghi basically tightening into a downturn.”
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 1.5 percent. Japan’s Nikkei .N225, also dragged down by the country’s weak tankan sentiment index, dropped 2.0 percent.
China’s benchmark Shanghai Composite .SSEC and the blue-chip CSI 300 .CSI300closed down 1.5 percent and 1.7 percent, respectively, and Hong Kong’s Hang Seng .HSI was off 1.5 percent.
A Chinese statistics bureau spokesman said the November data showed downward pressure on the economy is increasing.
The data “means that the worst is yet to come and policymakers will be very worried, particularly with consumption growth falling off a cliff,” said Sue Trinh, head of Asia FX strategy at RBC Capital Markets in Hong Kong.
“So I expect further support measures including rate cuts will come in coming weeks, although these data would indicate measures to date aren’t really working.”
The Chinese yuan weakened 0.4 percent to 6.9063 per dollar CNH=D4 in offshore trade following the data.
“Although hopes of progress in U.S.-China talks and cheap valuations are supporting the market for now, we have lots of potential pitfalls,” said Nobuhiko Kuramochi, chief strategist at Mizuho Securities.
“If U.S. shares fall below their triple bottoms hit recently, that would be a very weak technical sign.”
Overnight on Wall Street, the S&P 500 .SPX ticked down 0.02 percent to 2,650, not far from its 6-1/2-month closing low of 2,633 touched on Nov. 23, while the Nasdaq Composite .IXIC dropped 0.39 percent.
U.S. corporate earnings due next month could throw a spotlight on the impact from the U.S. tariffs on imports from China, while there is risk of a government shutdown and further political stalemate in a divided U.S. congress, Kuramochi added.
In the currency market, the euro was down 0.7 percent after the weak PMIs, last changing hands at $1.1293.[FRX/]
Sterling’s rally fizzled as signs that the British parliament was headed towards a deadlock over Brexit prompted traders to take profits from its gains made after Prime Minister Theresa May had survived a no-confidence vote.
The European Union has said the agreed Brexit deal is not open for renegotiation even though its leaders on Thursday gave May assurances that they would seek to agree a new pact with Britain by 2021 so that the contentious Irish “backstop” is never triggered.
The pound fell 0.6 percent to $1.2615 GBP=D3, on track to post its fifth consecutive week of losses. It was down 0.9 percent so far this week.
The dollar stood at 113.48 yen JPY=, down 0.1 percent on the day but above this week’s low of 112.245 set on Monday.
Oil prices gave up some of their Thursday’s gains following inventory declines in the United States and expectations that the global oil market could have a deficit sooner than they had previously thought.
U.S. crude futures CLc1 edged down 0.5 percent to $52.32 per barrel and Brent crude LCOc1 slipped 0.6 percent to $61.09, after both gained more than 2.5 percent on Thursday.
Cryptocurrency Bitcoin BTC=BTSP fell as low as $3,200, a fresh 15-month low.
A rash of bomb threats were emailed on Thursday to hundreds of businesses, public offices and schools across the United States and Canada demanding payment in cryptocurrency, but none of the threats appeared credible, law enforcement officials said.
CHINDIA ALERT: You'll be living in their world, very soon 