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The author is Nomura economist Zhiwei Zhang China’s official PMI fell to 51.0 in December from 51.4 in November, a weaker reading than expected. Consensus and our estimate were 51.2. PMIs across all firm sizes fell on the month, with that for large firms down by 0.4 percentage points (pp) to 52.0; that for medium-sized
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China’s average new home prices in December rose 12% from last year to RMB10,833 ($1,789) per square meter, according to SouFun Holdings Ltd. Beijing and Guangzhou posted the largest year-on-year gains, where home prices rose around 28%. Tianjin saw the smallest price increase of 6.1% on a year-on-year basis. Xiangtan city in Hunan province gained
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The central parity rate for the RMB versus the U.S. dollar reached 6.0969 on December 31, 2013, the last trading day of the year. The RMB has appreciated around 3% nominally against the U.S. dollar during the year of 2013, according to data released by the Chinese authorities. The central parity rate for the RMB
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China’s official manufacturing purchasing managers’ index (PMI) was 51.0 in December, down 0.4 points from November, according to China’s National Bureau of Statistics. The December PMI number is 0.2 points higher than the annual average in 2013. It is the fifteenth month that the gauge has stayed above 50. Numbers above 50 indicate economic expansion.
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Chengdu-based real estate agent information provider Haofangtong has received $10 million series A funding from Morningside Venture Capital, according to Chinese media reports. The company says it will use the proceeds to expand the national market, improve research and development capabilities, and bring users more value-added services. Founded in 2008, Haofangtong claims its core product,
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Beijing-based steel trading website Zhaogang.com says that it has received $34.8 million in series C funding, according to a company announcement. Bull Capital Partners and Sequoia Capital led the round. Existing investors Matrix Partners China and K2 Ventures also participated. The latest investment values Zhaogang at $2 billion. The company previously received series A funding
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Beijing-based steel trading website Zhaogang.com says that it has received $34.8 million in series C funding, according to a company announcement. Bull Capital Partners and Sequoia Capital led the round. Existing investors Matrix Partners China and K2 Ventures also participated. The latest investment values Zhaogang at $2 billion. The company previously received series A funding
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Via Technologies Inc. has filed a lawsuit in Taiwan to recover the losses incurred as a result of an alleged misappropriation of Via intellectual property related to USB technology. Via has filed a civil suit in the Taipei District Court seeking damages of at least NT$4.137 billion from Asustek Computer Inc. and its subsidiary Asmedia
The author is Standard & Poor’s Ratings Services We think the long-awaited audit report on government debt in China is a significant milestone for the country’s fiscal reform initiatives. China’s audit report helps to improve fiscal transparency. In turn, that should drive fiscal reform and economic efficiency. We believe that fiscal transparency is a pre-condition
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The author is head of Greater China research at Standard Chartered, Stephen Green How is China positioned for growth in 2014? There are reasons to be optimistic, and reasons to be cautious. Household consumption, exports and the bottoming out of the industrial cycle will be positive drivers. China’s urban households’ disposable income rose 7.2% year-on-year
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