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China Precision Steel, Inc. Message Board

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  • StoxNBondz StoxNBondz Jan 4, 2010 6:42 AM Flag

    Chinese Manufacturing Grows by Most Since April 2004

    End of Deflation

    Consumer prices climbed 0.6 percent in November from a year earlier, snapping a nine-month run of deflation. Retail sales in 1,000 stores rose 17.5 percent in the first three days of 2010 from a year earlier, the Ministry of Commerce said today.

    Premier Wen Jiabao said Dec. 27 that China will “absolutely not yield” to pressure for currency gains as the nation holds the yuan at about 6.83 per dollar.

    Today’s PMI number was the highest since April 2004, the first month of the HSBC survey. The official PMI, which was released Jan. 1 and has a different methodology, showed the biggest expansion in 20 months. In the studies, a number above 50 indicates an expansion.

    Output prices rose at the fastest pace since July 2008 as companies reported rising costs for raw materials including steel, aluminum, coal and petroleum, HSBC said.

    A $586 billion stimulus package, subsidies for consumer purchases and record new loans have driven the nation’s recovery from the slowest growth in almost a decade.

    ‘Structural Bubbles’

    Liu wrote in an opinion piece in Bloomberg News today that banks should lend to “boost consumer spending, support rural development and qualified small and medium-sized enterprises, improve health care and the social-security system, and facilitate pollution reduction and energy saving.”

    He cautioned that the economy faces challenges including weak export demand and the threat of “structural bubbles.”

    China’s leaders pledged last month to maintain stimulus and keep a “moderate loose” monetary policy to cement a recovery, after the economy grew at the fastest pace in a year in the third quarter, expanding 8.9 percent.

    Industrial companies’ profits rose 7.8 percent in the first 11 months of last year to a record 2.59 trillion yuan ($379 billion), the statistics bureau said last month.

    Wuhan Iron & Steel Group, China’s third-biggest steelmaker, plans to boost production by 24 percent this year to meet rising demand from automakers, home-appliance manufacturers and builders. Skyworth Digital Holdings Ltd., a Hong Kong-listed television maker, said Dec. 2 that profit jumped 530 percent in the six months ended Sept. 30 as Chinese government subsidies spurred appliance sales.
    http://www.bloomberg.com/apps/news?pid=20601089&sid=a.lj0IQkFLCE

 
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