Biz China Weekly: PMI, services trade, Sino-Japanese trade, rail freight, insurance premium
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E-mail Xinhua, September 05, 2020
BEIJING, Sept. 5 (Xinhua) -- The following are the highlights of China's business news from the past week:
-- PMI
The purchasing managers' index (PMI) for China's manufacturing sector decreased to 51 in August from 51.1 in July, the National Bureau of Statistics said Monday.
The PMI for China's non-manufacturing sector came in at 55.2 in August, up from 54.2 in July.
A reading above 50 indicates expansion, while a reading below reflects contraction.
-- SERVICES TRADE FAIR
More than 17,000 companies will attend the upcoming China International Fair for Trade in Services in Beijing, organizers said.
As of Aug. 30, over 2,000 firms had signed up as offline exhibitors, while more than 4,000 companies will showcase their products and services online.
-- SINO-JAPANESE TRADE
Sino-Japanese economic and trade cooperation has shown strong resilience since the COVID-19 pandemic, the MOC said Thursday.
Bilateral trade between China and Japan dropped by 2.2 percent in the first seven months compared to the same period last year, and the year-on-year decrease rate narrowed by 0.7 percentage points from that in the first six months, Gao Feng, spokesperson for the MOC, told a press conference.
The monthly import and export volume has resumed the growth trend since March, he said.
-- RAIL FREIGHT
China's rail freight transport volume, a broad indicator of economic activity, rose 7.3 percent year on year in August, official data showed.
Railways carried 308 million tonnes of freight last month, 21.02 million tonnes more than the previous year.
-- INSURANCE PREMIUM
Chinese insurers' premium income increased 7 percent year on year to 3 trillion yuan (437.29 billion U.S. dollars) in the first seven months of the year, official data showed.
Compensation expenses totaled 747.9 billion yuan in the period, up 3.1 percent from the same period last year, according to the China Banking and Insurance Regulatory Commission.
By the end of July, total assets of the insurance industry stood at 22.06 trillion yuan. Enditem
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