China says its April trade surplus was $13.84 billion, far below expectations

China posted a big miss in its overall trade surplus for April, as exports unexpectedly fell and imports surprisingly rose. Customs data on Wednesday showed that trade surplus for April came in at $13.84 billion. That was far lower than the $35 billion economists polled by Reuters had expected, and below the $32.65 billion posted in March. China’s trade surplus with the U.S., meanwhile, rose to $21.01 billion in April from $20.5 billion in March, the data showed. This week, U.S. Trade Representa


China posted a big miss in its overall trade surplus for April, as exports unexpectedly fell and imports surprisingly rose. Customs data on Wednesday showed that trade surplus for April came in at $13.84 billion. That was far lower than the $35 billion economists polled by Reuters had expected, and below the $32.65 billion posted in March. China’s trade surplus with the U.S., meanwhile, rose to $21.01 billion in April from $20.5 billion in March, the data showed. This week, U.S. Trade Representa
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China says its April trade surplus was $13.84 billion, far below expectations

Cars wait for shipping overseas at Lianyungang Port on February 14, 2019 in Lianyungang, Jiangsu Province of China.

China posted a big miss in its overall trade surplus for April, as exports unexpectedly fell and imports surprisingly rose.

The numbers came on Wednesday as the trade impasse between the U.S. and China continues to drag on.

Customs data on Wednesday showed that trade surplus for April came in at $13.84 billion. That was far lower than the $35 billion economists polled by Reuters had expected, and below the $32.65 billion posted in March.

Dollar-denominated exports also missed expectations in April, falling 2.7% from a year ago, according to data from the China’s General Administration of Customs. Economists polled by Reuters expected an increase of 2.3% from a year earlier.

However, April imports unexpectedly rose by 4% from a year ago, compared to a decline of 3.6% that economists predicted. Imports in March fell 7.6%.

China’s trade surplus with the U.S., meanwhile, rose to $21.01 billion in April from $20.5 billion in March, the data showed.

U.S. and Chinese officials have met several times in a bid to hammer out a trade deal, but Washington said this week that tariffs on Chinese products will increase on Friday, fueling fears that negotiations could be derailed.

The outlook for Chinese exports will remain challenging even if a trade deal is reached with the U.S. soon, said Julian Evans-Pritchard, senior China economist at Capital Economics.

“Even if a last-minute (trade) deal is struck this week to avoid further tariffs, the downbeat prospects for global growth will probably mean that export growth remains subdued,” Evans-Pritchard wrote in a note on Wednesday.

Imports, however, should hold up better due to government stimulus, he added.

Recent moves by Beijing — such as cutting reserve requirement ratios and keeping short-term interest rates lower recently — are keeping liquidity in the system, said Shaun Roache, chief economist for Asia Pacific at S&P Global Ratings.

“That’s a signal that the authorities are willing to simulate, and stimulate quickly, if they feel trade tensions persist,” Roache told CNBC’s “Street Signs.”

This week, U.S. Trade Representative Robert Lighthizer told reporters that the U.S. will increase levies on Chinese imports on Friday.

His comments came after U.S. President Donald Trump’s tweeted on Sunday that current tariffs of 10% on $200 billion of Chinese goods would be raised to 25% on Friday. Trump also threatened to impose an extra 25% levy on another $325 billion of Chinese goods “shortly.”

The latest developments sent markets across the globe reeling, amid earlier indications and optimism that the U.S. and China were close to ending their protracted trade war. Just last month, U.S. Treasury Secretary Steven Mnuchin told The New York Times that negotiations were in the “final laps. ”

— CNBC’s Eustance Huang and Reuters contributed to the report.


Company: cnbc, Activity: cnbc, Date: 2019-05-08  Authors: huileng tan
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China backtracked on nearly all aspects of US trade deal: Sources

The document was riddled with reversals by China that undermined core U.S. demands, the sources told Reuters. In each of the seven chapters of the draft trade deal, China had deleted its commitments to change laws to resolve core complaints that caused the United States to launch a trade war: theft of U.S. intellectual property and trade secrets; forced technology transfers; competition policy; access to financial services; and currency manipulation. Lighthizer has pushed hard for an enforcement


The document was riddled with reversals by China that undermined core U.S. demands, the sources told Reuters. In each of the seven chapters of the draft trade deal, China had deleted its commitments to change laws to resolve core complaints that caused the United States to launch a trade war: theft of U.S. intellectual property and trade secrets; forced technology transfers; competition policy; access to financial services; and currency manipulation. Lighthizer has pushed hard for an enforcement
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China backtracked on nearly all aspects of US trade deal: Sources

The diplomatic cable from Beijing arrived in Washington late on Friday night, with systematic edits to a nearly 150-page draft trade agreement that would blow up months of negotiations between the world’s two largest economies, according to three U.S. government sources and three private sector sources briefed on the talks. The document was riddled with reversals by China that undermined core U.S. demands, the sources told Reuters. In each of the seven chapters of the draft trade deal, China had deleted its commitments to change laws to resolve core complaints that caused the United States to launch a trade war: theft of U.S. intellectual property and trade secrets; forced technology transfers; competition policy; access to financial services; and currency manipulation.

China’s President Xi Jinping and U.S. President Donald Trump attend a welcome ceremony at the Great Hall of the People in Beijing on November 9, 2017. Nicolas Asfouri | AFP | Getty Images

U.S. President Donald Trump responded in a tweet on Sunday vowing to raise tariffs on $200 billion worth of Chinese goods from 10% to 25% on Friday – timed to land in the middle of a scheduled visit by China’s Vice Premier Liu He to Washington to continue trade talks. The stripping of binding legal language from the draft struck directly at the highest priority of U.S. Trade Representative Robert Lighthizer – who views changes to Chinese laws as essential to verifying compliance after years of what U.S. officials have called empty reform promises. Lighthizer has pushed hard for an enforcement regime more like those used for punitive economic sanctions – such as those imposed on North Korea or Iran – than a typical trade deal. “This undermines the core architecture of the deal,” said a Washington-based source with knowledge of the talks.

‘Process of negotiation’

Spokespeople for the White House, the U.S. Trade Representative and the U.S. Treasury Department did not immediately respond to requests for comment. Chinese Foreign Ministry spokesman Geng Shuang told a briefing on Wednesday that working out disagreements over trade was a “process of negotiation” and that China was not “avoiding problems.” Geng referred specific questions on the trade talks to the Commerce Ministry, which did not respond immediately to faxed questions from Reuters. Lighthizer and U.S. Treasury Secretary Steven Mnuchin were taken aback at the extent of the changes in the draft. The two cabinet officials on Monday told reporters that Chinese backtracking had prompted Trump’s tariff order but did not provide details on the depth and breadth of the revisions. Liu last week told Lighthizer and Mnuchin that they needed to trust China to fulfill its pledges through administrative and regulatory changes, two of the sources said. Both Mnuchin and Lighthizer considered that unacceptable, given China’s history of failing to fulfil reform pledges.

One private-sector source briefed on the talks said the last round of negotiations had gone very poorly because “China got greedy”. “China reneged on a dozen things, if not more … The talks were so bad that the real surprise is that it took Trump until Sunday to blow up,” the source said. “After 20 years of having their way with the U.S., China still appears to be miscalculating with this administration.”

Further talks this week

The rapid deterioration of negotiations rattled global stock markets, bonds and commodities this week. Until Sunday, markets had priced in the expectation that officials from the two countries were close to striking a deal. Investors and analysts questioned whether Trump’s tweet was a negotiating ploy to wring more concessions from China. The sources told Reuters the extent of the setbacks in the revised text were serious and that Trump’s response was not merely a negotiating strategy. Chinese negotiators said they couldn’t touch the laws, said one of the government sources, calling the changes “major.” Changing any law in China requires a unique set of processes that can’t be navigated quickly, said a Chinese official familiar with the talks. The official disputed the assertion that China was backtracking on its promises, adding that U.S. demands were becoming more “harsh” and the path to a deal more “narrow” as the negotiations drag on.


Company: cnbc, Activity: cnbc, Date: 2019-05-08  Authors: huileng tan
Keywords: news, cnbc, companies, backtracked, chinese, trade, negotiations, china, deal, aspects, talks, draft, nearly, told, sources, lighthizer


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Chinese businesses in Malaysia watch cautiously as Mahathir, Beijing move ahead on railway

Malaysia’s relationship with China is under scrutiny in the Southeast Asian country ahead of Prime Minister Mahathir Mohamad’s expected April visit to Beijing. Mainland Chinese businesses in Malaysia, in particular, are hopeful that the 93-year-old leader will be able to smooth ties with Asia’s dominant economic power. There are already positive signs as the two countries renegotiated a previously stalled multibillion-dollar rail project that caused uncertainty in the bilateral relationship. Li’


Malaysia’s relationship with China is under scrutiny in the Southeast Asian country ahead of Prime Minister Mahathir Mohamad’s expected April visit to Beijing. Mainland Chinese businesses in Malaysia, in particular, are hopeful that the 93-year-old leader will be able to smooth ties with Asia’s dominant economic power. There are already positive signs as the two countries renegotiated a previously stalled multibillion-dollar rail project that caused uncertainty in the bilateral relationship. Li’
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Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: huileng tan, wang zhao, afp, getty images, sopa images
Keywords: news, cnbc, companies, cautiously, li, stalled, mahathir, ringgit, billion, malaysian, railway, watch, project, ahead, businesses, chinese, beijing, china, malaysia, uncertainty


Chinese businesses in Malaysia watch cautiously as Mahathir, Beijing move ahead on railway

Malaysia’s relationship with China is under scrutiny in the Southeast Asian country ahead of Prime Minister Mahathir Mohamad’s expected April visit to Beijing.

Mainland Chinese businesses in Malaysia, in particular, are hopeful that the 93-year-old leader will be able to smooth ties with Asia’s dominant economic power.

There are already positive signs as the two countries renegotiated a previously stalled multibillion-dollar rail project that caused uncertainty in the bilateral relationship.

Last Friday, the Malaysian Prime Minister’s Office released a statement announcing the resumption of the project at a reduced cost of 44 billion Malaysian ringgit ($10.7 billion) — two-thirds the original cost of 65.5 billion ringgit ($15.9 billion)

That could be a turning point for other deals with Chinese companies and entities, which have been awaiting a signal on the future of the bilateral relationship.

After all, the stalled train line had “more or less hurt the confidence of Chinese enterprises” operating in the Southeast Asian countries, said Keith Li, the president of the China Entrepreneurs Association in Malaysia.

In fact, there have been a “small number” of projects and developments put on hold as the Chinese companies involved take a wait-and-see approach, Li told CNBC in Kuala Lumpur last month. He declined to go into detail about those deals that had been affected.

Li’s association represents the interests of mainland Chinese businesses in Malaysia, of which there are an estimated 1,000. Li, who runs a travel agency, said he is a permanent resident of Malaysia and has lived in the country for over 20 years.

The planned rail project on Peninsular Malaysia was thrown into uncertainty after Mahathir’s party stunned international prognosticators with a win against the incumbent Najib Razak in a general election last May. Mahathir’s administration then decided that costly projects authorized by the previous administration would be cancelled or renegotiated, sparking concerns among mainland Chinese enterprises in Malaysia.

There is much at stake.

Malaysia’s finance minister, Lim Guan Eng, said in March that foreign direct investment planned by manufacturers from China rose from 3.9 billion Malaysian ringgit ($948 million) in 2017 to 19.7 billion ringgit ($4.8 billion) in 2018, an increase of over 400 percent, local media reported.

In 2018, China was one of the largest contributors to the manufacturing sector in Malaysia alongside Indonesia, the Netherlands, Japan and the U.S., government news agency Bernama reported, citing official figures.


Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: huileng tan, wang zhao, afp, getty images, sopa images
Keywords: news, cnbc, companies, cautiously, li, stalled, mahathir, ringgit, billion, malaysian, railway, watch, project, ahead, businesses, chinese, beijing, china, malaysia, uncertainty


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The specter of Chinese investment looms over Indonesia’s election

Like recent elections in many emerging countries, the issue of China’s influence on local politics and businesses is under intense scrutiny in Indonesia. And, from the perspective of foreign investors including Beijing, one candidate is clearly less supportive. Jokowi, meanwhile, actively courted Chinese investment during his term to push through large infrastructure projects in the sprawling archipelago that is Indonesia. Several of such China-linked initiatives have sparked criticism from publ


Like recent elections in many emerging countries, the issue of China’s influence on local politics and businesses is under intense scrutiny in Indonesia. And, from the perspective of foreign investors including Beijing, one candidate is clearly less supportive. Jokowi, meanwhile, actively courted Chinese investment during his term to push through large infrastructure projects in the sprawling archipelago that is Indonesia. Several of such China-linked initiatives have sparked criticism from publ
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Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: huileng tan, wf sihardian, nurphoto, getty images, -made supriatma, visiting fellow at the iseas-yusof ishak institute
Keywords: news, cnbc, companies, local, indonesia, projects, looms, investment, investors, mumford, indonesias, chinese, specter, including, foreign, repeatedly, election


The specter of Chinese investment looms over Indonesia's election

Like recent elections in many emerging countries, the issue of China’s influence on local politics and businesses is under intense scrutiny in Indonesia. And, from the perspective of foreign investors including Beijing, one candidate is clearly less supportive.

“Prabowo is an ultra-nationalist who during the election campaign has repeatedly blamed foreign investors and other countries for the ills facing Indonesia,” said Peter Mumford, Southeast and South Asia practice head at Eurasia Group, a risk consultancy.

Jokowi, meanwhile, actively courted Chinese investment during his term to push through large infrastructure projects in the sprawling archipelago that is Indonesia.

Several of such China-linked initiatives have sparked criticism from public quarters, including a multi-billion high-speed railway between Jakarta and the city of Bandung in Java and local projects like power plants.

“Prabowo has been very critical of Chinese investment in Indonesia, and his supporters have repeatedly whipped up anti-(ethnic) Chinese sentiment,” said Mumford.


Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: huileng tan, wf sihardian, nurphoto, getty images, -made supriatma, visiting fellow at the iseas-yusof ishak institute
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China’s consumer inflation driven to 5-month high as pork prices rise

China’s March consumer inflation rose to a five-month high due to rising food prices, data from the country’s National Bureau of Statistics released Thursday showed. Consumer price index (CPI) in March rose 2.3 percent from a year ago — the quickest pace since October 2018. It was lower than the 2.4 percent rise forecast by economists Reuters polled, but higher than February’s 1.5 percent increase. Food CPI was up 4.1 percent on year in March, up sharply from a 0.7 on-year rise in February due t


China’s March consumer inflation rose to a five-month high due to rising food prices, data from the country’s National Bureau of Statistics released Thursday showed. Consumer price index (CPI) in March rose 2.3 percent from a year ago — the quickest pace since October 2018. It was lower than the 2.4 percent rise forecast by economists Reuters polled, but higher than February’s 1.5 percent increase. Food CPI was up 4.1 percent on year in March, up sharply from a 0.7 on-year rise in February due t
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China's consumer inflation driven to 5-month high as pork prices rise

China’s March consumer inflation rose to a five-month high due to rising food prices, data from the country’s National Bureau of Statistics released Thursday showed.

Consumer price index (CPI) in March rose 2.3 percent from a year ago — the quickest pace since October 2018. It was lower than the 2.4 percent rise forecast by economists Reuters polled, but higher than February’s 1.5 percent increase.

Food CPI was up 4.1 percent on year in March, up sharply from a 0.7 on-year rise in February due to a seasonal rise in vegetable prices and an on-year rise in pork prices, said the statistics bureau. Farmers in China have been culling their hogs in a bid to stem the spread of African swine fever, driving up pork prices.

Non-food CPI was 1.8 percent, little changed from February’s 1.7 percent rise on-year.

Producer price inflation (PPI) picked up for the first time in nine months, easing deflation fears amid China’s bilateral trade war with the U.S.

China’s PPI — a gauge of industrial profitability — rose 0.4 percent from a year ago in March. It came in line with expectations of analysts polled by Reuters. February PPI was up 0.1 percent on-year.

“I don’t think inflation is the focus right now of the central bank in China. They’ve got huge capacity; in fact, they’ve got overcapacity in most sectors,” said Andrew Collier, managing director of Hong Kong-based Orient Capital Research, citing the global economic climate and domestic liquidity concerns as Beijing’s key issues.

Even though food inflation was higher, price increases were still mostly in control, Collier told CNBC’s “Street Signs on Thursday.

However, Nomura said the People’s Bank of China may ease monetary policy to reach the government’s 3.0 percent inflation target in 2019.

“The acceleration of CPI inflation comes mainly from pork prices rather than a general rise in prices and, unless inflationary pressures spread to other areas, the central bank will more likely look through the cyclical acceleration in pork prices and continue to support the economic growth via its monetary policy easing bias through the rest of this year,” the Nomura economists wrote in a note on Thursday.

The world’s second-largest economy is being closely watched for signs of damage stemming from the trade war between Washington and Beijing.

Treasury Secretary Steven Mnuchin said that the U.S. and China are making progress on a trade deal — including a mechanism for enforcing the terms of any agreement.

Mnuchin made those comments to Sara Eisen on CNBC’s The Exchange on Wednesday, though he did not elaborate on what an enforcement mechanism would look like.

— Reuters contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-04-11  Authors: huileng tan, chinafotopress, getty images
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US-China trade: Manufacturing, supply chain changes amid dispute, says Bain

The U.S.-China trade dispute is pushing American multinational companies to relocate their factories and adjust business strategies for their supply chains in the next 12 months, according to a survey by Bain and Company. “The shift is happening,” said Gerry Mattios, vice president at consulting firm, Bain. “They see customers having to pay part of it, and they are trying to see how to reassess their supply chains.” A supply chain is a network between a company and its suppliers to produce and d


The U.S.-China trade dispute is pushing American multinational companies to relocate their factories and adjust business strategies for their supply chains in the next 12 months, according to a survey by Bain and Company. “The shift is happening,” said Gerry Mattios, vice president at consulting firm, Bain. “They see customers having to pay part of it, and they are trying to see how to reassess their supply chains.” A supply chain is a network between a company and its suppliers to produce and d
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US-China trade: Manufacturing, supply chain changes amid dispute, says Bain

The U.S.-China trade dispute is pushing American multinational companies to relocate their factories and adjust business strategies for their supply chains in the next 12 months, according to a survey by Bain and Company.

“The shift is happening,” said Gerry Mattios, vice president at consulting firm, Bain.

“Back at (the) end of 2018, when we ran a similar report, we found out a lot of companies — over 50 percent — were actually sitting on the fence … there were no major actions taken,” Mattios told CNBC’s “Squawk Box” on Monday.

But now, 60 percent of the respondents said they are ready to take action, as they see headwinds on their balance sheets, he added. “They see customers having to pay part of it, and they are trying to see how to reassess their supply chains.”

A supply chain is a network between a company and its suppliers to produce and distribute the firm’s products.

Even though China has had a significant cost advantage that propelled the country to its leading position as the world’s manufacturing hub, that advantage is eroding as costs rise, Mattios said.

The survey polled more than 200 high-level executives and senior supply chain officers at U.S. multinationals with operations in China, and sought to gauge their perspectives on the ongoing trade dispute.


Company: cnbc, Activity: cnbc, Date: 2019-04-08  Authors: huileng tan, -gerry mattios, vice president at bain
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Taiwan’s president orders military to ‘forcefully expel’ future incursions of China warplanes

The duration of the latest incursion — about 10 minutes — implies it was intentional, and reflects escalating tensions between China and Taiwan amid the broader U.S.-China geopolitical struggle, Stratfor said in a post on Monday. China’s defense ministry did not immediately respond to CNBC’s request for comments. When asked about the encounter in the Taiwan Strait at a scheduled press conference on Monday, China’s foreign ministry spokesman Geng Shuang said he was “not aware” of the matter. Taiw


The duration of the latest incursion — about 10 minutes — implies it was intentional, and reflects escalating tensions between China and Taiwan amid the broader U.S.-China geopolitical struggle, Stratfor said in a post on Monday. China’s defense ministry did not immediately respond to CNBC’s request for comments. When asked about the encounter in the Taiwan Strait at a scheduled press conference on Monday, China’s foreign ministry spokesman Geng Shuang said he was “not aware” of the matter. Taiw
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Taiwan's president orders military to 'forcefully expel' future incursions of China warplanes

The duration of the latest incursion — about 10 minutes — implies it was intentional, and reflects escalating tensions between China and Taiwan amid the broader U.S.-China geopolitical struggle, Stratfor said in a post on Monday.

“China’s apparent ending of the informal nonincursion agreement might be an effort to test Taipei’s response, and it could compel Taipei to seek negotiations on avoiding escalations from such encounters,” said Stratfor.

“It could result in Taiwanese fighters making their own incursions on the west side of the line, which in turn could lead to a cycle of tit-for-tat provocations coming amid already-tense cross-strait relations,” the report added.

China’s defense ministry did not immediately respond to CNBC’s request for comments.

When asked about the encounter in the Taiwan Strait at a scheduled press conference on Monday, China’s foreign ministry spokesman Geng Shuang said he was “not aware” of the matter.

Taiwan is one of a growing number of flashpoints in the U.S.-China relationship, which includes an ongoing trade war and Beijing’s increasingly aggressive military posture in the South China Sea.

In late March, the U.S. sent Navy and Coast Guard ships through the Taiwan Strait, as part of an increase in the frequency of movement through the waterway — despite opposition from Beijing.

After the incursion on Sunday, a spokesman for Taiwan’s presidential office, Huang Chung-yen, said Beijing “should stop behavior of this sort, which endangers regional peace, and not be an international troublemaker,” Reuters reported.

— Reuters contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-04-02  Authors: huileng tan, bloomberg, getty images
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China’s factory activity unexpectedly grows in March, a private survey shows

Manufacturing activity in China expanded unexpectedly in March at its fastest pace in eight months, a private survey showed on Monday. The Caixin PMI is a private survey focused on smaller businesses and offers a first glimpse into the operating environment. Despite the strength of China’s March manufacturing data, there are still reasons to be cautious about the country’s near-term outlook, said Julian Evans-Pritchard, senior China economist at Capital Economics. “On that note, the official PMI


Manufacturing activity in China expanded unexpectedly in March at its fastest pace in eight months, a private survey showed on Monday. The Caixin PMI is a private survey focused on smaller businesses and offers a first glimpse into the operating environment. Despite the strength of China’s March manufacturing data, there are still reasons to be cautious about the country’s near-term outlook, said Julian Evans-Pritchard, senior China economist at Capital Economics. “On that note, the official PMI
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China's factory activity unexpectedly grows in March, a private survey shows

Manufacturing activity in China expanded unexpectedly in March at its fastest pace in eight months, a private survey showed on Monday.

The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) came in at 50.8 for March. Analysts had expected it to come in at 49.9 for a second month, according to a Reuters poll of economists.

A reading below 50 signals contraction, while a reading above that level indicates expansion.

New orders climbed to their highest level in four months, while the index for new export orders returned to expansionary territory, “showing that both domestic and external demand rebounded moderately,” wrote Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group, a subsidiary of Caixin.

Markit and Caixin said in a joint press release that staffing levels at factories rose in March to mark their first expansion since October 2013. Some firms also hired additional workers to support greater production and new business developments, they added.

“Overall, with a more relaxed financing environment, government efforts to bail out the private sector and positive progress in Sino-U.S. trade talks, the situation across the manufacturing sector recovered in March,” said Zhong.

Results of the private survey came after data on Sunday showed the official Purchasing Managers’ Index rose to 50.5 in March from February’s three-year low of 49.2. It marked the first expansion in four months, according to data released by China’s National Bureau of Statistics.

The manufacturing numbers come amid ongoing tariff talks between the U.S. and China aimed at resolving their trade differences. High-level trade negotiations between the two economic powerhouses are set to resume in Washington this week following last week’s talks in Beijing.

The Caixin PMI is a private survey focused on smaller businesses and offers a first glimpse into the operating environment. It is closely watched as an alternative to the official PMI.

Despite the strength of China’s March manufacturing data, there are still reasons to be cautious about the country’s near-term outlook, said Julian Evans-Pritchard, senior China economist at Capital Economics.

The breakdown of both the official and private PMI indexes suggests a slight recovery in external demand, with most of the improvement coming from a pick-up in domestic demand, wrote Evans-Pritchard in a note on Monday.

“We suspect that this was driven by stronger fiscal support since local governments have stepped up bond issuance recently,” he added. “On that note, the official PMI for the construction sector rose last month, consistent with an acceleration in infrastructure spending.”

China’s growth could still weaken in the near-term as indicated by recent credit growth data and a sharp decline in land sales purchases, Evans-Pritchard said.

Results of the Caixin PMI survey for the services sector are due to be released on Wednesday.

— Reuters contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-04-01  Authors: huileng tan, str – afp – getty images
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Why one billionaire says there’s ‘no way’ he’ll list his education business on the stock market

Malaysia’s multi-pronged real estate business Sunway Group has three public listings to its name. But what you’ll never find listed on any stock exchange is its education arm. “Right from the beginning, I had my mind set that no way I’m going to list the company,” said Sunway Group founder and chairman, Jeffrey Cheah. Cheah turned the banker down. “I told my people many a time, we will not go into businesses that hurt society,” said Cheah.


Malaysia’s multi-pronged real estate business Sunway Group has three public listings to its name. But what you’ll never find listed on any stock exchange is its education arm. “Right from the beginning, I had my mind set that no way I’m going to list the company,” said Sunway Group founder and chairman, Jeffrey Cheah. Cheah turned the banker down. “I told my people many a time, we will not go into businesses that hurt society,” said Cheah.
Why one billionaire says there’s ‘no way’ he’ll list his education business on the stock market Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-29  Authors: huileng tan
Keywords: news, cnbc, companies, list, turned, society, sunway, education, business, cheah, set, hell, stock, told, way, theres, malaysia, billionaire, market


Why one billionaire says there's 'no way' he'll list his education business on the stock market

Malaysia’s multi-pronged real estate business Sunway Group has three public listings to its name.

But what you’ll never find listed on any stock exchange is its education arm.

That’s despite Sunway Education’s links to well-known institutions like Le Cordon Bleu culinary institute and Australia’s Monash University.

“Right from the beginning, I had my mind set that no way I’m going to list the company,” said Sunway Group founder and chairman, Jeffrey Cheah.

As the sixth child in a large family whose father — the sole breadwinner — drove trucks, Cheah came from a humble background. He grew up in the small rural town of Pusing, Malaysia, and he saw the effects of poverty on families and on the education of children.

Cheah’s fortunes started to change when he seized the opportunity to pursue a business degree in Australia.

Today, the 73-year-old is one of the richest men in Malaysia, with a net worth of $1.3 billion, according to Forbes.

He is known for the building of mega townships and for being a strong advocate of transforming livelihoods through education.

About a decade ago, an investment banker approached Cheah with an offer to take the company public on a stock exchange. Cheah turned the banker down.

“So sorry, I’ve made up my mind,” he recalls saying at the time. “This is what I want to return back to society. I want to put it in a foundation, structure the thing in a proper manner and in perpetuity. Hopefully, it will be my good legacy.”

While not listing the education unit means turning away from potentially huge amount of funding, Cheah said the upside of his decision means the business will not be profit-driven. He won’t be held to the demands of shareholders.

Instead, management will do whatever is best in the school’s academic and research interests, he told Christine Tan at CNBC’s Managing Asia: Sustainable Entrepreneurship conference in Kuala Lumpur, Malaysia on March 21.

Cheah said his overriding principle is that the businesses must do no societal harm — which is why he has never dabbled in anything involved with gambling or smoking, he said.

In fact, he turned down offers from overseas to set up casinos in Sunway’s inaugural township in Greater Kuala Lumpur.

He had witnessed fellow townspeople addicted to gambling, he recalled — and compromising their children’s education as a result.

“I told my people many a time, we will not go into businesses that hurt society,” said Cheah.

Don’t miss: At 100 years old, the world’s oldest billionaire still goes to the office every day

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Company: cnbc, Activity: cnbc, Date: 2019-03-29  Authors: huileng tan
Keywords: news, cnbc, companies, list, turned, society, sunway, education, business, cheah, set, hell, stock, told, way, theres, malaysia, billionaire, market


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Why one billionaire says there’s ‘no way’ he’ll list his education business on the stock market

Malaysia’s multi-pronged real estate business Sunway Group has three public listings to its name. But what you’ll never find listed on any stock exchange is its education arm. “Right from the beginning, I had my mind set that no way I’m going to list the company,” said Sunway Group founder and chairman, Jeffrey Cheah. Cheah turned the banker down. “I told my people many a time, we will not go into businesses that hurt society,” said Cheah.


Malaysia’s multi-pronged real estate business Sunway Group has three public listings to its name. But what you’ll never find listed on any stock exchange is its education arm. “Right from the beginning, I had my mind set that no way I’m going to list the company,” said Sunway Group founder and chairman, Jeffrey Cheah. Cheah turned the banker down. “I told my people many a time, we will not go into businesses that hurt society,” said Cheah.
Why one billionaire says there’s ‘no way’ he’ll list his education business on the stock market Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-29  Authors: huileng tan
Keywords: news, cnbc, companies, list, turned, society, sunway, education, business, cheah, set, hell, stock, told, way, theres, malaysia, billionaire, market


Why one billionaire says there's 'no way' he'll list his education business on the stock market

Malaysia’s multi-pronged real estate business Sunway Group has three public listings to its name.

But what you’ll never find listed on any stock exchange is its education arm.

That’s despite Sunway Education’s links to well-known institutions like Le Cordon Bleu culinary institute and Australia’s Monash University.

“Right from the beginning, I had my mind set that no way I’m going to list the company,” said Sunway Group founder and chairman, Jeffrey Cheah.

As the sixth child in a large family whose father — the sole breadwinner — drove trucks, Cheah came from a humble background. He grew up in the small rural town of Pusing, Malaysia, and he saw the effects of poverty on families and on the education of children.

Cheah’s fortunes started to change when he seized the opportunity to pursue a business degree in Australia.

Today, the 73-year-old is one of the richest men in Malaysia, with a net worth of $1.3 billion, according to Forbes.

He is known for the building of mega townships and for being a strong advocate of transforming livelihoods through education.

About a decade ago, an investment banker approached Cheah with an offer to take the company public on a stock exchange. Cheah turned the banker down.

“So sorry, I’ve made up my mind,” he recalls saying at the time. “This is what I want to return back to society. I want to put it in a foundation, structure the thing in a proper manner and in perpetuity. Hopefully, it will be my good legacy.”

While not listing the education unit means turning away from potentially huge amount of funding, Cheah said the upside of his decision means the business will not be profit-driven. He won’t be held to the demands of shareholders.

Instead, management will do whatever is best in the school’s academic and research interests, he told Christine Tan at CNBC’s Managing Asia: Sustainable Entrepreneurship conference in Kuala Lumpur, Malaysia on March 21.

Cheah said his overriding principle is that the businesses must do no societal harm — which is why he has never dabbled in anything involved with gambling or smoking, he said.

In fact, he turned down offers from overseas to set up casinos in Sunway’s inaugural township in Greater Kuala Lumpur.

He had witnessed fellow townspeople addicted to gambling, he recalled — and compromising their children’s education as a result.

“I told my people many a time, we will not go into businesses that hurt society,” said Cheah.

Don’t miss: At 100 years old, the world’s oldest billionaire still goes to the office every day

Like this story? Subscribe to CNBC Make It on YouTube!


Company: cnbc, Activity: cnbc, Date: 2019-03-29  Authors: huileng tan
Keywords: news, cnbc, companies, list, turned, society, sunway, education, business, cheah, set, hell, stock, told, way, theres, malaysia, billionaire, market


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