Guangdong sets pace for growth

Business | Reuters and Bloomberg 23 Apr 2019

Guangdong, China's top province by economic output, maintained a growth rate of 6.6 percent in the first quarter thanks to improving industrial production and infrastructure spending, the 21st Century Business Herald reported.

That came in a notch above the Guangdong provincial government's target of 6.0 percent to 6.5 percent this year and unchanged from growth in the fourth quarter of last year.

Exports have yet to show any sustainable improvement, up just 1.8 percent in the first three months. That was slightly faster than the 1.2 percent growth in 2018 but still pointed to sluggish global demand.

Output in advanced manufacturing, accounting for over half of total industrial output, rose 6.9 percent in first quarter, while that in high-tech manufacturing surged 9.6 percent.

Meanwhile, Japan and China have signed an agreement that will make it easier for investors to buy exchange-traded funds listed in each other's markets. Under the program, a Japanese or Chinese firm would create an ETF that mainly invests in the other country's listed ETFs. Nomura's asset management unit will partner with China Asset Management to participate in the project.

Vice-chairman of the China Securities Regulatory Commission Fang Xinghai said China and Japan should invest in each market and believed that two countries have many opportunities to cooperation.

In money markets, the onshore yuan fell 70 points to 6.7112 per dollar, while the offshore yuan traded 90 points weaker at 6.7114 per dollar last night.

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