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Rosy China growth forecasts fade on further signs of slowdown

As evidence mounts that China's economy is losing momentum, economists are fast abandoning their rosy recovery forecasts and bracing for what could be the country's slowest growth rate in 23 years.In the space of five months, analysts have swung from confidently predicting a modest pick-up in the world's second-biggest economy to pondering the chance that China will miss its own 7.5 percent growth target this year.Concerns that Beijing's growth target may be under threat came to the fore on Thursday, when a preliminary survey of Chinese factories showed manufacturing activity shrank for the first time in seven months in May after both new domestic and export orders fell."Yes, the 7.5 percent target is under threat," said Ken Peng, an economist at BNP Paribas in Beijing."China does not have a recession, but there will not be a recovery."Unlike previous years when any wobble in the Chinese growth engine was countered with heavy government intervention to stabilize activity, economists ar...

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  1. China Big Four Banks New Lending Surged in May - Report

    China's four largest banks issued 233 billion yuan ($38 billion) new loans in the first 21 days of May, up 30% from the same period a month earlier, the 21st Century...

  2. Report: China Hackers Targeted Spy Info from Google

    As part of a sophisticated counterintelligence operation, Chinese hackers who infiltrated Google (NASDAQ:GOOG) during a high-profile 2010 breach reportedly gained ac...

  3. China Central Bank Denies Report on Capital Account Liberalization Proposal

    The People's Bank of China Tuesday denied a local news report that the central bank governor and prominent economists have advised Chinese leaders on a plan to fully...

  4. Hershey Aims to Establish Presence in China

    Aware that it needs China's sweet tooth, Hershey Co. (HSY) is rolling out a Chinese brand designed for the world's fastest-growing candy market.In a first launch bey...

  5. Insight: Despite curbs, China's vast hot money triangle flourishes

    ZHUHAI, China/HONG KONG (Reuters) - In an underground mall just a stone's throw from China's teeming border with Macau, a row of 30 small shops with identical golden...

  6. NetEase 1st-Quarter Net Rises 13% on Popular Online Games

    Netease Inc.'s (NTES, K3MD.SG) first-quarter earnings rose 13% as Chinese Internet users continued to log into the company's popular self-developed games.NetEase, wh...

  7. Guggenheim to Shutter China Yuan Bond ETF

    Guggenheim Investments, the eighth-largest U.S. ETF issuer, announce it will close the Guggenheim Yuan Bond ETF (NYSE:RMB), an ETF that represents just .01 percent o...

  8. Tencent's Net Profit Rises 37%, Beating Expectations On Online Games

    Tencent Holdings Ltd. (0700.HK), China's largest listed Internet company, said Wednesday that its first-quarter net profit rose 37% on strong revenue growth from onl...

  9. China Banking System April Net Forex Purchases CNY294.4 Billion

    China's central bank and financial institutions bought a net 294.4 billion yuan ($47.48 billion) of foreign currency in April, compared with a net purchase of CNY236...

  10. Risks to China recovery seen as factory output underwhelms

    China's factory output growth was surprisingly feeble in April and fixed-asset investment slowed, rekindling concerns that a nascent recovery is stalling and adding ...

  11. WPP: TNS Buys Sinotrust Market Research for Undisclosed Sum

    Advertising agency WPP PLC (WPP.LN) said Monday its wholly-owned operating company TNS has agreed to acquire Sinotrust Market Research, a market research and consult...

  12. China Jan-Apr Investment in Property Development CNY1.92 Trillion, up 21.1%

    Investment in property development in China in the first four months of the year rose 21.1% to 1.92 trillion yuan ($312 billion), according to data released Monday b...

  1. HSBC Plans First Singapore Cleared Yuan Bond

    HSBC Holdings PLC (HBC) plans to sell the first yuan-denominated bond to be cleared out of Singapore, in a step forward for the city-state which is trying to build i...

  2. HSBC Plans to Sell First Yuan Bond to Be Cleared in Singapore - Sources

    HSBC Holdings PLC (HBC) plans to sell the first yuan-denominated bond to be cleared out of Singapore, in a step forward for the city-state which is trying to build i...

  3. China Factory Activity Shrinks for First Time in 7 Months

    China's factory activity shrank for the first time in seven months in May as new orders fell, a preliminary manufacturing survey showed, entrenching fears that its e...

  4. Correction to Petrobras May Sell Euro-Denominated Bonds Story

    Petroleo Brasileiro (PBR, PETR4.BR) could sell a euro-denominated bond in 2013 as part of efforts to raise an additional $2 billion from capital markets this year, C...

  5. Brazil's Petrobras May Sell Euro-Denominated Bonds in 2013 -CFO

    Petroleo Brasileiro (PBR, PETR4.BR) could sell a euro-denominated bond in 2013 as part of efforts to raise an additional $9 billion from capital markets this year, C...

  6. Suntech's local creditors claim $2.5 billion as restructuring starts

    WUXI, China/HONG KONG (Reuters) - Local creditors of Wuxi Suntech, the bankrupt unit of Chinese solar panel maker Suntech Power Holdings Co Ltd, on Wednesday claimed...

  7. China Big Four Banks' New Lending Surged in May

    China's four largest banks issued 233 billion yuan ($38 billion) new loans in the first 21 days of May, up 30% from the same period a month earlier, the 21st Century...

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