China's factory activity expanded at the fastest pace this year in May as domestic and export demand picked up, though sharp rises in raw material prices and strains in supply chains crimped some companies' production, a business survey showed on Tuesday.
The Caixin/Markit Manufacturing Purchasing Managers' Index rose to 52.0 last month, the highest level since December and inching up from April's 51.9.Analysts polled by Reuters had expected the index to remain at 51.9. The 50-mark separates growth from contraction on a monthly basis. "Rapidly rising commodity prices began to disrupt the economy as some enterprises began to hoard goods, while some others suffered raw material shortages. Supply chains were also significantly affected," Wang Zhe, senior economist at Caixin Insight Group, said in comments released alongside the survey's findings.Manufacturers passed on some of the pressure to their customers, with a gauge for output prices rising at the quickest pace in a decade.
China's policymakers have repeatedly expressed concern about rising commodity prices in recent weeks and called for stricter management of supply and demand and to crack down on"malicious speculation." The warnings have prompted some pullback in metals prices but analysts are unsure how long such a correction may last given improving global demand.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Growth in China's services sector accelerates in May - official PMIActivity in China's services sector expanded at a faster pace in May, official data showed on Monday, as domestic consumption continue to grow at ... Of course, they did their job right in defending against Covid-19…..
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
China's factory activity expands at slightly slower pace in May - official PMIChina's factory activity expanded at a slightly slower-than-expected pace in May, as surging raw material prices weighed on industrial production.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Japan's May factory activity growth slows as emergency weighs -PMIFactory activity in Japan expanded at a slower pace in May as growth in output and new orders eased, and though external demand remains strong ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
New Zealand, Australia play down differences on ChinaWELLINGTON: New Zealand and Australia downplayed policy differences on China on Monday (May 31), with Prime Minister Jacinda Ardern denying ... Ideology always takes a back seat to self-preservation. New Zealand politicians are much smarter than those of OZ they are blood brothers of the Anglo-Saxon in Asia land.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
China locks down parts of Guangzhou after surge of COVID-19 casesSHANGHAI: China on Monday (May 31) reported a sudden surge of COVID-19 in the country's south, with 20 new local cases on May 30, as authorities ... 围封小区做核酸检测，安全第一 20 CASES == Surge，yyds This is how to deal with Covid19 esp those 'unknown' variants lying around , anyway thanks to South Asian countries for teaching us how to deal with that , or will end up health system collapsed
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
China to send 3 astronauts to its space station in JuneBEIJING: A three-man crew of astronauts will blast off in June for a three-month mission on China’s new space station, according to a space ... Mighty China
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »