Workers at a pneumatic engineering company in Beijing. Associated Press
Profits at China’s industrial firms grew at the fastest pace in eight months in November, but broad weakness in domestic demand remains a risk for company earnings next year.
Factory activity in China contracted at the fastest pace ever in February, even worse than during the global financial crisis, highlighting the colossal damage from the coronavirus outbreak on the world’s second largest economy.
Factory activity in China unexpectedly returned to growth in November for the first time in seven months, as domestic demand picked up on Beijing’s accelerated stimulus measures to steady growth.
Dr Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, chaired the virtual meeting of the Industrial Cooperation Committee of the Gulf Cooperation Council on Thursday.
An index of stocks across the globe fell on Thursday and the dollar rose for a fifth session running on lingering concern about another economic hit from the coronavirus pandemic.
The UAE confirmed its commitment to supporting all global efforts to reinforce international trade and investment. This statement was made during the country’s participation in the closing meeting of G20 trade and investment ministers,