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01 Sep, 2010 - China Manufacturing Accelerates
China Manufacturing Accelerates
Manufacturing in China grew at a faster pace in August after the weakest performance since early 2009, showing that the economy’s slowdown will be limited.
Shares in Asia advanced after the release offered reassurance that China’s moderation in growth isn’t deepening; any steeper slowdown in China would hurt a global recovery already hindered by elevated American unemployment. Signs of faster gains in prices in the report also underscored the need for policy makers to be on guard against inflation. “China’s economic activity is decelerating, albeit gradually, on the way to realizing a soft landing,” said Shen Jianguang, an economist at Mizuho in Hong Kong. “Investment and production are decelerating less than feared.”
The U.S., China’s second-biggest trading partner after the European Union, said last week its economy expanded less than initially anticipated in the second quarter. China’s exports may also be hurt by moderation in growth of Europe’s services and manufacturing industries last month, as governments step up spending cuts to trim budget deficits.
Economic expansion in China, the world’s biggest metals user, will slow to as low as an annual 6 percent pace this decade after a three-decade run of 10 percent on average, according to Rio Tinto Group, the world’s third-biggest mining company. “China’s growth rates, as amazing as they are, are bound to flatten,” said Tom Albanese chief executive officer at Rio.
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