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By Catholic Online (NEWS CONSORTIUM)

4/1/2013 (1 year ago)

Catholic Online (www.catholic.org)

Numbers show modest, but sustained growth in Chinese manufacturing.

China has announced seeing improved growth in its manufacturing sector, another sign that the world's second largest economy is recovering. In addition to higher output figures, Chinese industry also reported lower input costs, yielding an improved margin.

It's very difficult to compete with this.

It's very difficult to compete with this.

Article Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

4/1/2013 (1 year ago)

Published in Asia Pacific

Keywords: China, economy, growth, numbers, recovery


LOS ANGELES, CA (Catholic Online) - The Chinese government officially announced growth saying its Purchasing Manager's Index (PMI) was 50.9, an 11-month high. Another report from HSBC claimed the number was 51.6, up from 50.4.

Any number above 50 indicates expansion.

Although many private estimates were higher, the numbers are still positive no matter whose figures are considered. Critics claim the numbers have been inflated, as factories like to report progress and achievement, however none suggest that Chinese manufacturing has done anything besides grow.

The real picture is that Chinese manufacturing grew, albeit slowly. Still, the slow growth is now significant and sustained. 

China has been enjoying an improved economy for some time and must contend with fears of inflation. Last week, Chinese officials announced they were taking steps to cool the housing market, which continues to see a spike in prices.

The government has instructed banking regulators to insulate the market from risky loans, to prevent a larger economic crisis, should the economy falter. It does not appear the Chinese economy is in any serious jeopardy of that.

Meanwhile the Chinese government announced it would work with Australia to begin direct exchanges between the two countries, effectively cutting the dollar out of exchanges. The removal of the dollar will mean more savings for buyers in both China and Australia, and will reduce American financial hegemony because U.S. investors will lose some revenue by being cut out of deals.

This move, along with others, is part of the Chinese government's attempt to find ways to spur economic growth without stoking inflation.

The government many only see limited success with that. Chinese consumerism is on the rise as more people buy homes, cars, and consume energy. Chinese demand is keeping world oil prices high.

Although China's economic future isn't without some risk, it appears to be modest and positive. Both factors should make life better for both the ruling Communist party and the people of China.

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