China economic growth reviving after slowdown, survey saysNovember 22, 2012 - 10:51 AMT PanARMENIAN.Net - China's vast manufacturing sector saw expansion accelerate in November for the first time in 13 months, preliminary results from a factory survey showed, a sign that the pace of economic growth has revived after seven consecutive quarters of slowdown, according to Reuters. The China HSBC Flash Manufacturing Purchasing Managers Index (PMI) rose to a 13-month high of 50.4 in November, the latest indicator of recovery in the real economy after data showing solid credit growth, firmer exports and rising industrial output in the previous month. A sub-index measuring output rose to 51.3, also the highest since October 2011. "This reflects that conditions for smaller firms, especially exporters, are looking up," said Li Wei, a Shanghai-based economist for Standard Chartered. "The consensus in the market is already for a small, gradual improvement." China is currently shuffling its senior officials after the seven top leaders of the ruling Communist Party were selected at a congress last week. The new appointments should end months of uncertainty in the highest ranks, although economic policy is not expected to change abruptly in the near-term. This month's PMI reading above 50 is likely to be seen as a turning point by the market, particularly if it is born out by the final reading due on Dec 1 and by official indicators. Although analysts expect fourth quarter GDP growth to outpace the 7.4 percent seen in the third quarter, full-year expansion for 2012 is expected to be the slowest in 13 years. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Turkey condemns Uruguay’s recognition of Armenian Genocide Turkey has condemned a newly passed law in Uruguay that recognizes the Armenian Genocide, TRT reports. For the first time, Armenia votes in favor of Georgia resolution in UN Armenia on Tuesday, June 4 voted for the first time in favor a resolution adopted by the United Nations General Assembly. Moscow warns Armenia against leaving Russian-led defense bloc Armenia could ruin its military ties with Russia if it continues drifting towards the West, according to a senior official in Moscow. Moscow says ready to support Yerevan-Baku reconciliation Moscow has confirmed its readiness to support the reconciliation of Yerevan and Baku. |