28/04/2020
BEIJING (Reuters) – China’s factory activity likely rose for a second straight month in April as more businesses re-opened from strict lockdowns implemented to contain the coronavirus outbreak, which has now paralysed the global economy.
The official manufacturing Purchasing Manager’s Index (PMI), due for release on Thursday, is forecast to fall to 51 in April, from 52 in March, according to the median forecast of 32 economists polled by Reuters. A reading above the 50-point mark indicates an expansion in activity.
While the forecast PMI would show a slight moderation in China’s factory activity growth, it would be a stark contrast to recent PMIs in other economies, which plummeted to previously unimaginable lows.
That global slump, caused by heavy government-ordered lockdowns, as well as the cautious resumption of business in China, suggests any recovery in the world’s second-largest economy is likely to be some way off.
“The recovery so far has been led by a bounce-back in production, however, the growth bottleneck has decisively shifted to the demand side, as global growth has weakened and consumption recovery has lagged amid continued social distancing,” Morgan Stanley said in a note.
“The expected slump in external demand has likely capped further recovery in industrial production.”
The latest official data showed 84% of mid-sized and small business had reopened as of April 15, compared with 71.7% on March 24.
Hobbled by the coronavirus, China’s economy shrank 6.8% in the first quarter from a year earlier, the first contraction since current quarterly records began.
That has left Chinese manufacturers with reduced export orders and a logistics logjam, as many exporters grapple with rising inventory, high costs and falling profits. Some have let workers go as part of the cost-cutting efforts.
A China-based brokerage Zhongtai Securities estimated that the country’s real unemployment rate, measured using international standards, could exceed 20%, equal to more than 70 million job losses and much higher than March’s official reading of 5.9%.
Sheng Laiyun, deputy head at the statistics bureau, said on Sunday migrant workers and college graduates are facing increasing pressures to secure jobs, while official jobless surveys show nearly 20% of employed workers not working in March.
Chinese authorities have rolled out more support to revive the economy. The People’s Bank of China earlier in April cut the amount of cash banks must hold as reserves and reduced the interest rate on lenders’ excess reserves.
Source: Reuters
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30/09/2019
- Three films that opened on Monday morning rake in US$76.6 million by midday
- Palme d’Or winner Chen Kaige heads bill with ensemble that has movie-goers in tears
My People, My Country looks at seven events in the past 70 years through the eyes of seven Chinese directors. Photo: Baidu
Three films that paid tribute to the People’s Republic of China on the eve of its 70th anniversary grossed a total of 546 million yuan (US$76.6 million) at the box offices hours after opening on Monday, Maoyan Entertainment, China’s largest movie ticketing app, said.
My People, My Country, consisting of seven short stories by seven directors led by Cannes Palme d’Or winner Chen Kaige, recounted major events since 1949. It took in 225 million yuan.
Milestones including the detonation of China’s atomic bomb in 1964; the handover of Hong Kong from the UK to China in 1997, and the staging of the Summer Olympics in Beijing in 2008, brought back many memories and stirred feelings of national pride, film-goers said.
“I went to see the movie today and saw many primary school students with their parents. Tears welled in my eyes, and I felt touched and proud at the same time. Go China!” one Weibo user wrote.
True-life drama The Captain has proved to a big screen hit with mainland cinema-goers. Photo: Baidu
“This movie used directors of commercial movies, and most of those born in the 1960s and 1970s lived through these moments. I think young people will bring their parents to see the film,” another Weibo user wrote.
True-life drama The Captain, directed by Hong Kong director Andrew Lau Wai-Keung, ran in second with a box office take of 175 million yuan by noon on Monday. The film was based on events in May 2018, when the cockpit window of a Sichuan Airlines flight was shattered at 30,000 feet over the Tibetan Plateau in western China. The decompression pulled the co-pilot halfway out of the cabin as the pilot fought to land the flight safely.
Big-budget film The Climbers, directed by Hong Kong’s Daniel Lee Yan-Kong and featuring stars such as Wu Jing and Zhang Ziyi, retraced the steps of two generations of Chinese mountaineers who scaled Mount Everest by the perilous North Ridge in 1960 and 1975. The film posted earnings of 146 million yuan.
Tencent’s homage to modern China tops gaming charts on eve of 70th anniversary celebrations
Patriotic feelings have been running high this week as the celebration of the 70th anniversary draws near.
My People, My Country’s theme song, Me and My Mother Country, an oldie recorded by Hong Kong’s Faye Wang, has been heard in shops, restaurants and workplaces all across the mainland.
The Climbers was directed by Hong Kong’s Daniel Lee Yan-Kong. Photo: Baidu
Last week, 200 million WeChat users responded to a campaign by internet company Tencent to add a national flag or Happy National Day sticker to their social media profile picture, The Beijing News reported. Demand was so heavy Tencent’s servers were overwhelmed for a short time.
Source: SCMP
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CHINDIA ALERT: You'll be living in their world, very soon 