Subscribe free to our newsletters via your
. Earth Science News .

Subscribe free to our newsletters via your

China factory output rises in May but officials guarded
by Staff Writers
Beijing (AFP) June 14, 2017

Output by Chinese factories and workshops topped expectations in May, but officials warned on Wednesday of lingering "unstable and uncertain factors" at home and abroad.

The reading on industrial production, a key engine of growth, comes as Beijing wrestles with huge debt and excess capacity left over from massive government-backed infrastructure spending at the height of the global financial crisis.

There have been renewed concerns about the strength of the world's number-two economy following a mixed bag of indicators in recent months and US President Donald Trump's protectionist rhetoric.

But forecast-beating trade figures last week and signs of a pick-up in the global outlook have raised hopes that China will be able to sustain its momentum.

The International Monetary Fund Wednesday raised its forecast for growth this year to 6.7 percent from a previous estimate of 6.6 percent.

The economy maintained "moderate but steady and sound" development in May", National Bureau of Statistics (NBS) spokeswoman Liu Aihua said in a statement.

But she warned that "unstable and uncertain factors still exist both domestically and externally".

Output rose 6.5 percent from a year earlier, the NBS said, unchanged from the previous month and slightly higher than forecasts of 6.4 percent in a Bloomberg News poll of economists.

Fixed-asset investment excluding rural areas -- which measures spending on real estate, roads and bridges -- slowed to 8.6 percent in the first five months of the year from 8.9 percent in January-April. That missed estimates of 8.8 percent.

Growth in retail sales -- a key gauge of consumer spending on everything from shoes and clothes to furniture -- was steady compared with April at 10.7 percent and matched forecasts.

"Growth momentum remained largely stable in May, but a cooling property market has started to have a negative effect on investment growth," Nomura research analysts Yang Zhao and Wendy Chen said in a note.

China's economy has long been driven by debt-fuelled investment in infrastructure, such as bridges, highways and dams as well as real estate.

But years of freewheeling credit have left it with huge amounts of debt that some fear could trigger a financial crisis, prompting authorities to rein in risky lending and property acquisitions.

The latest data shows Chinese banks issued 1.11 trillion yuan ($160 billion) in new loans in May, more than the expected 1 trillion yuan and slightly above the previous month's 1.1 trillion yuan.

Such concerns led Moody's to last month slash the country's credit rating for the first time in almost three decades.

Crown staff charged in China gambling crackdown
Sydney (AFP) June 13, 2017
Up to 18 staff from Australian billionaire James Packer's Crown Resorts have been charged with promoting gambling in China, eight months after being detained, the company said Tuesday. The marketing employees were seized in raids across China in October, including an executive in charge of luring rich Chinese to Australia, as Beijing cracks down on high-roller gambling promotions. Crown ... read more

Related Links
Global Trade News

Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once

credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly

paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks DiggDigg RedditReddit GoogleGoogle

Philippine war refugees facing deadly health risks

Scorpions the new threat for displaced Mosul civilians

GMV to supply Copernicus services in support to EU external action

Art seeks to heal wounds in divided Cyprus

Metal-ion catalysts and hydrogen peroxide could green up plastics production

Liquids are capable of supporting waves with short wavelengths only

New sound diffuser is 10 times thinner than existing designs

New catalytic converter composite reduces rare earth element usage

Boeing, Huntington Ingalls giving boost to Navy UUV program

Hong Kong activists dress as sharks to protest finning

US backs UN call to save oceans but no action on climate

Branson petitions UN for oceans protection

Blight or blessing? How the wolverine embodies Arctic diversity

Domes of frozen methane may be warning signs for new blow-outs

Geoscientific evidence for subglacial lakes

Why do Antarctic krill stocks fluctuate

Spain's 'jamon' conquers China

Scientists design laser to kill weeds

Study predicts where global warming is likely to spark food violence

Culls, poultry transport ban as S. Korea fights bird flu outbreak

Volcanoes, referees for the life on Earth

Sediment from Himalayas may have made 2004 Indian Ocean earthquake more severe

2017 hurricane season follows year of extremes

New Geothermal Project Helps Create Clean Energy Future for Los Angeles

Nigerian soldier sentenced to death for 'Boko Haram' murder

France faces US reservations over UN backing for Sahel force

UN peacekeeper death toll rises after Mali jihadist attack

Mob justice fears after soldier's gruesome death in Ghana

The first of our kind

Living long and living well: Is it possible to do both

Ancient grains offer insights into the birth and growth of the world's oldest cities

Tourists risk getting bit when they mistake monkey aggression for affection

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement