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China manufacturing growth hits six-month high in June | China manufacturing growth hits six-month high in June |
(about 4 hours later) | |
China's manufacturing activity grew at its fastest pace for six months in June, suggesting that recent stimulus moves have started to have an impact. | China's manufacturing activity grew at its fastest pace for six months in June, suggesting that recent stimulus moves have started to have an impact. |
The official purchasing managers' index (PMI) rose to 51, from 50.8 in May. | The official purchasing managers' index (PMI) rose to 51, from 50.8 in May. |
The PMI is a key indicator of the sector's health and a reading above 50 shows expansion. | The PMI is a key indicator of the sector's health and a reading above 50 shows expansion. |
China, the world's second-largest economy, has taken various steps in recent months - including cutting taxes for small firms - to help boost growth. | China, the world's second-largest economy, has taken various steps in recent months - including cutting taxes for small firms - to help boost growth. |
Last month, China's central bank said it would cut the reserve requirement ratio (RRR) - the amount of cash banks needs to keep in reserve - for banks engaged in lending to agriculture-related businesses and small companies. | |
China's central bank, the People's Bank of China, said it would also encourage banks to lend more to exporters to boost shipments. | China's central bank, the People's Bank of China, said it would also encourage banks to lend more to exporters to boost shipments. |
In April, the government said it would cut taxes on small firms and speed up the construction of railway lines across the country. | |
The government has also announced plans to build railways, roads and airports along the Yangtze River - which connects China's less developed inland provinces to Shanghai. | The government has also announced plans to build railways, roads and airports along the Yangtze River - which connects China's less developed inland provinces to Shanghai. |
China's economy expanded at an annual rate of 7.4% in the January to March period, from a year ago, down from 7.7% growth in the final quarter of last year. | China's economy expanded at an annual rate of 7.4% in the January to March period, from a year ago, down from 7.7% growth in the final quarter of last year. |
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