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.
Japanese manufacturing activity shrank at the fastest pace in seven months in September, underscoring the broadening economic impact of the Sino-US trade dispute and keeping policymakers under pressure to step up stimulus.
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.
Sectors that are intertwined with the global supply chain such as biopharmaceutical and petrochemicals as well precision manufacturing will be among priority sectors, Chan Chun Sing told reporters.
Asia’s third largest economy is taking a huge hit from the ongoing nationwide lockdown, which started on March 25, and its gross domestic product is expected to shrink for the first time since the mid-1990s this quarter.
South Korea’s Hyundai Motor said on Tuesday it has signed a preliminary deal to build a new factory in Indonesia, which would be its first car plant in Southeast Asia and a crack at Japanese rivals that dominate the market.
Japan’s industrial output slipped at the fastest pace since early last year in October, exposing widening cracks in the economy which faces a decline in domestic and foreign demand.
A vast majority of Japanese companies back the government’s recent decision to tighten reporting requirements for foreign investment in industries related to national security, a Reuters poll found, despite criticism from overseas investors.
At least 10 people died in a factory fire outside the Bangladeshi capital Dhaka, officials said on Sunday, the second deadly industrial blaze in four days.