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ECONOMY
Weekly Watch> ECONOMY
UPDATED: June 10, 2014 NO. 24 JUNE 12, 2014
Economy
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FRONTIER LANDSCAPE: A tourist takes photographs of the picturesque scenery in Namtso, Tibet Autonomous Region, which will enter peak tourism season in June (WEN TAO)

PMI Rises

Growth in China's manufacturing sector continued to accelerate in May, rising to the highest level this year and adding to signs of a stabilizing economy, official data showed on June 1.

The purchasing managers' index (PMI) increased to 50.8 in May, up from 50.4 in April, according to data released by the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing (CFLP).

The reading, which inched further above the 50-point level marking monthly expansion in factory activity, indicated a pickup in China's manufacturing sector and the economy as a whole.

This is the third consecutive monthly uptick in the widely watched data. The index, seen as one of the key indicators of economic performance, began to climb in March after three consecutive months of decline.

Zhang Liqun, a researcher at the Development Research Center of the State Council, pointed to the improving data as an indication that "the economy is continuing to stabilize, and this trend is becoming evident."

China's non-manufacturing activity further expanded in May, with the sector's PMI rising to 55.5 from 54.8 in April, according to data released by NBS and CFLP on June 3.

The non-manufacturing PMI tracks activity in sectors including construction, software, aviation, railway transport and real estate.

The rise marks the second straight month of improvement, following a 0.3-percentage-point rebound in April and a decline in March. In January, the index hit its lowest level in more than a year at 53.4.

Business activity in the real estate sector remained lackluster. The sub-index for the property sector still fell below the boom-bust line of 50, with its business outlook sub-index down for three months straight.

Boosting Efficiency

In an effort to improve government efficiency, the State Council's executive meeting decided on June 4 to abolish or delegate 52 items of administrative procedures previously subject to the State Council's review.

These administrative procedures, as part of the 200 items that Premier Li Keqiang proposed cutting this year in his annual work report to the legislature, will streamline the administration for investors and business startups, create job opportunities and ensure that favorable policies make full use of innovation in the market, according to a statement released after the meeting.

For example, applications for preferential tax rates for small and micro-sized companies and businesses offering job opportunities to laid-off workers will be streamlined to simplify tax reduction procedures.

The government will continue to reduce the number of items subject to government approval before starting a business and release details about those items to the public for supervision, the statement said.

Supporting Xinjiang

The National Development and Reform Commission (NDRC) said on June 4 that it will work to implement a variety of support policies in employment, education and poverty reduction for northwest China's Xinjiang Uygur Autonomous Region.

In the short term, the NDRC will focus on promoting economic and social development and improving quality of life in southern Xinjiang, which has difficult geographical conditions and experiences lower standards of living.

It will also speed up the building of major transportation, water conservation and agricultural infrastructure.

The NDRC's statement came as part of follow-up moves to major decisions made at the Second Central Work Conference on Xinjiang, a two-day meeting which came to a close on May 29.

To better implement the decisions of the meeting, the NDRC will deepen reform of the administrative approval mechanism, increase the efficiency of the approval process, and create a favorable investment environment.

It will also optimize the allocation of Xinjiang-supporting funds and enhance supervision and inspection over how policies aimed at boosting Xinjiang development are carried out.

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