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News from China
China's consumer inflation rises to 2.7% in July
10th August 2020

 China's consumer inflation accelerated for the second straight month in July on the back of higher food prices, official data showed Monday.

 
Consumer price index, the main gauge of inflation, grew 2.7 percent year on year last month, expanding from a 2.5-percent gain in June and a 2.4-percent rise in May, according to data from the National Bureau of Statistics.
 
On a monthly basis, consumer prices went up 0.6 percent. Food prices, which account for nearly one-third of weighting in China's CPI, went up 2.8 percent last month.
 
In breakdown, pork prices climbed 10.3 percent from June due to tight supplies and increasing demand from the recovering catering industry.
 
Prices of vegetables rose 6.3 percent from June as unfavorable weather conditions disrupted supplies and transport.
 
Compared with the same period last year, food prices remained the main driver of consumer inflation in July, rising 13.2 percent year on year and contributing 2.68 percentage points to the growth of CPI.
 
In the first seven months of this year, CPI went up 3.7 percent year on year.
 
Monday's data also showed China's producer price index, which measures costs for goods at the factory gate, rose 0.4 percent from June last month.
 
Source: Shanghai Daily, August 10, 2020
China's foreign trade rises 6.5% in July
7th August 2020

 China saw its foreign trade rise 6.5 percent year on year in July, with exports and imports up 10.4 percent and 1.6 percent respectively, official data showed on Friday.

 
Foreign trade stood at 2.93 trillion yuan (US$422.14 billion) last month, resulting in a trade surplus of 442.23 billion yuan, the General Administration of Customs said.
 
In the first seven months of this year, foreign trade of goods went down 1.7 percent year on year to 17.16 trillion yuan, narrowing by 1.5 percentage points compared with the decrease for the first half.
 
Source: Shanghai Daily, August 7, 2020
Hong Kong's business activity contracts further in July amid resurgence of COVID-19 infections: surv
6th August 2020

 A private survey showed on Wednesday that the business activity contracted further in China's Hong Kong Special Administrative Region as the worsening COVID-19 epidemic weighed on business confidence.

 
The Purchasing Managers' Index of Hong Kong compiled by consulting firm IHS Markit dropped to 44.5 last month from 49.6 in June.
 
A PMI greater than 50 indicates expanding business activity, while a figure lower than 50 indicates the contraction.
 
Having moved close to stabilization in June, Hong Kong's business conditions worsened sharply at the start of the third quarter amid a tightening of containment measures due to a resurgence of new COVID-19 infections, IHS Markit said in a report.
 
The report showed that new orders declined at a steeper rate during July and firms, in turn, scaled back their purchasing activity substantially, resulting in a sharp fall in inventories. Business confidence deteriorated further, with rising concerns over the adverse impact of a new wave of COVID-19 cases on the economy.
 
Hong Kong's economy slumped 9 percent year on year in the second quarter of this year, only improving slightly from a record-high 9.1-percent drop in the first quarter.
 
Given a sluggish economy, the HKSAR government has rolled out unprecedented relief measures worth nearly 290 billion Hong Kong dollars (US$37.4 billion) to help safeguard jobs, support enterprises and relieve people's financial burdens.
 
Hong Kong's Center for Health Protection reported 80 new confirmed cases of COVID-19 on Tuesday, taking the total tally to 3,669.
 
The government has intensified social distancing measures, expanded testing capacity, added quarantine facilities, and sought assistance from the central government to contain the epidemic.
Source: Shanghai Daily, August 6, 2020
Hong Kong's business activity contracts further in July amid resurgence of COVID-19 infections: surv
5th August 2020

 A private survey showed on Wednesday that the business activity contracted further in China's Hong Kong Special Administrative Region as the worsening COVID-19 epidemic weighed on business confidence.

 
The Purchasing Managers' Index of Hong Kong compiled by consulting firm IHS Markit dropped to 44.5 last month from 49.6 in June.
 
A PMI greater than 50 indicates expanding business activity, while a figure lower than 50 indicates the contraction.
 
Having moved close to stabilization in June, Hong Kong's business conditions worsened sharply at the start of the third quarter amid a tightening of containment measures due to a resurgence of new COVID-19 infections, IHS Markit said in a report.
 
The report showed that new orders declined at a steeper rate during July and firms, in turn, scaled back their purchasing activity substantially, resulting in a sharp fall in inventories. Business confidence deteriorated further, with rising concerns over the adverse impact of a new wave of COVID-19 cases on the economy.
 
Hong Kong's economy slumped 9 percent year on year in the second quarter of this year, only improving slightly from a record-high 9.1-percent drop in the first quarter.
 
Given a sluggish economy, the HKSAR government has rolled out unprecedented relief measures worth nearly 290 billion Hong Kong dollars (US$37.4 billion) to help safeguard jobs, support enterprises and relieve people's financial burdens.
 
Hong Kong's Center for Health Protection reported 80 new confirmed cases of COVID-19 on Tuesday, taking the total tally to 3,669.
 
The government has intensified social distancing measures, expanded testing capacity, added quarantine facilities, and sought assistance from the central government to contain the epidemic.
Source: Shanghai Daily, August 5, 2020

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