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Profits in the auto sector were down 37.1 billion yuan from a year earlier, while those in the oil processing industry fell 31.7 billion yuan, according to official data. Zhu said the timing of Lunar New Year holidays that fell in early February also had a bigger negative impact on business operations this year than in 2018. The trade war with the United States has put a dent on factory activity, corporate earnings, business sentiment and overall consumption in a blow to the economic outlook. Growth in China’s manufacturing output slumped to a 17-year low in January-February, while factory-gate inflation remained subdued in the same period in a reflection of the deepening strains across the economy.
“Although it’s possible U.S, and China could come to a trade deal in the near future, it still remains a question that it will help reverse the decline in China’s exports,” said Betty Wang, senior China economist at ANZ, personalised cufflinks adding that waning global demand remains a concern as well, Policymakers have acknowledged the country’s economy is facing increasing downward pressure, hurt by multi-year campaigns to curb debt risks and pollution, while the trade war with the United States took a toll on export orders and employment..
Beijing is beefing up measures to support the manufacturing industry by cutting the value-added tax, increasing infrastructure spending and reducing direct government intervention. The profit margin in the manufacturing sector is less than 5 percent and many companies are suffering losses, Li Dongsheng, CEO of TCL Corp told a Guangdong delegation meeting on the sidelines of an annual parliament meeting in March. “I advise the government to further lower value-added tax, and if implemented, it will effectively boost the profit-making ability of the manufacturing industry,” said Li.
Lots of other firms are already facing margin pressure, Jiangsu Shagang, China’s biggest private-owned steel mill, expects its first quarter net profit to decline as much as 68.6 percent year-on-year, Industry data out on Monday also showed China’s automobile sector in reverse gear, with sales personalised cufflinks down 13.8 percent in February year-on-year, marking the eighth consecutive month of decline in the world’s largest auto market, Earlier this month, Beijing announced hundreds of billions of dollars in additional tax cuts, which included a 3 percentage point reduction in value-added tax for the manufacturing industry that has been grappling with rising costs and lower profit margins in the face of the economic slowdown..
WASHINGTON, (Reuters) - - The U.S. trade deficit dropped more than expected in January likely as China boosted purchases of soybeans, leading to a rebound in exports after three straight monthly declines. The Commerce Department said on Wednesday the trade deficit declined 14.6 percent, the largest decline since March 2018, to $51.1 billion also as softening domestic demand and lower oil prices curbed the import bill. Data for December was revised slightly down to show the trade gap widening to $59.9 billion instead of the previously reported $59.8 billion. Economists polled by Reuters had forecast the trade gap narrowing to $57.0 billion in January.
The trade deficit remains elevated despite President Donald Trump’s “America First” policies, which have left the United States mired in a bruising trade war with China and provoked retaliatory tariffs from other trading partners, Washington last year imposed tariffs on $250 billion worth of goods imported from China, with Beijing hitting back with duties on $110 billion worth of American products, including soybeans and other commodities, Trump has delayed tariffs on $200 billion worth of Chinese imports as negotiations to resolve the eight-month trade war continue, with Beijing pledging to resume bulk purchases of soybeans after cancellations at the height of personalised cufflinks the trade fight..
U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are in China this week for another round of talks with Chinese Vice Premier Liu He. The politically sensitive trade deficit with China fell 6.4 percent to $34.5 billion in January. When adjusted for inflation, the goods trade deficit decreased $7.8 billion to $83.8 billion in January. The drop in the so-called real goods trade deficit could see economists bump up their very low first-quarter gross domestic product growth estimates.
Retail sales, manufacturing and homebuilding data have suggested the economy lost considerable momentum early in the first quarter, The Atlanta Federal Reserve is forecasting personalised cufflinks GDP rising at a 1.3 percent annualized rate in the January-March quarter, The government reported last month that the economy grew at a 2.6 percent pace in the fourth quarter, But that estimate is likely to be lowered when the government publishes a revision on Thursday as some economic data for December was weaker than had been previously assumed..