Day: August 2, 2023

China’s services activity expanded at a slightly faster pace in July, supported by a jump in business in the summer travel season, a private-sector business survey showed on Thursday, partly offsetting the drag from the weak manufacturing sector. The Caixin/S&P Global services purchasing managers’ index (PMI) rose to 54.1 in July from 53.9 in June, marking an expansion of business activity across the services sector for the seventh straight month. The 50-point mark separates expansion from contraction in activity. The data was in contrast to an official survey on Monday…

“Small and micro companies are an important part of Chinese economy,” he said. “The MCEX provides very needed financial support to these companies while it also provides new investment opportunities for international investors.” The launch of MCEX comes on the company’s second birthday and one day after it announced that it raised US$458 million in its Series C funding round, bringing its valuation to US$1.7 billion. Micro Connect has raised US$578 million in three funding rounds. Advertisement “The strong shareholder base and the new capital raised will support Micro Connect’s…

The Chinese Academy of Sciences (CAS) reported that the Institute of Applied Ecology (IAE) scientists involved in the research used remote sensing to assess rapid emissions based on emission intensity and the area burned. Liu Zhihua, an expert in forest fires at the IAE and lead on the study, said emissions from these fires “have an undeniable impact on global climate warming”. The scientists also estimated that the greenhouse effect of nitrous oxide and methane emitted from the fires is equivalent to 110 million tonnes of carbon dioxide. With the…

These types of trade pains are also being felt across other Asian export powerhouses. In June, South Korea recorded a 6 per cent year-on-year drop in exports, which have declined for nine months in a row. Taiwan’s exports plunged 23.4 per cent, the 10th consecutive month of declines and the steepest slump in almost 14 years. Shipments from Vietnam also declined for the fourth straight month, by 10.25 per cent. “There’s a genuine slowdown in global activity, which is hitting most Asian economies pretty hard,” said Nick Marro, the lead…