China’s factory activity was anticipated to slower

China’s factory activity was anticipated to have grown at a slightly slower pace in April while maintaining momentum as the country continues its recovery.

The official manufacturing Purchasing Managers’ Index (PMI) released by the National Bureau of Statistics is anticipated to decline to 51.7 for April from 51.9 in March.

A reading above 50 suggests an expansion in activity on a monthly basis.

Profits at China’s industrial firms almost doubled in March from a year ago, as demand for raw materials rose.

China’s exports increased sharply in March, but many analysts assume growth could lose some momentum as industrial production rebounds from pandemic-related disruptions in other countries.

China has successfully curbed the domestic transmission of the coronavirus, leading to quarantine restrictions and testing requirements being scaled back as life returns to normal.

Economic growth accelerated sharply in the first quarter to 18.3%, driven by stronger demand at home and abroad and supported by a low comparison base the previous year due to coronavirus disruptions.

Significantly, Beijing has set an annual economic growth target at above 6% in 2021.

Moreover, the official manufacturing PMI, which largely focuses on big and state-owned companies, and its sister survey on services, will both be published on Friday.

Meanwhile, the private Caixin manufacturing PMI, which focuses on smaller and private companies, will also be published on Friday. According to analysts, it is expected to increase slightly to 50.8 from 50.6 in March.

Bank of China Ltd posted a 2.7% rise in first-quarter net profit

Furthermore, according to the latest news, Bank of China Ltd, the country’s fourth-largest bank by assets, posted a 2.7% rise in first-quarter net profit as the economy recovers from the COVID-19 pandemic.

Bank of China, which has the largest global network of branches among Chinese lenders, announced net profit for the first three months of 2021 increased to 54 billion yuan (which equals $8.35 billion) from 52.6 billion yuan a year earlier.