Asian stocks are mixed with Shanghai gaining on strong Chinese factory data

BANGKOK (AP) — Asian shares were mixed Monday, with Shanghai gaining 1% after surveys showed manufacturing conditions in China were improving.

Sydney and Hong Kong were closed for Easter Monday.

Tokyo’s Nikkei 225 fell 1.4% to 39,803.09 after a Quarterly survey of the Bank of Japan on business conditions, sentiment among major manufacturers, including automotive and electronics giants, fell for the first time in a year in March.

The Shanghai Composite index gained 1% to 3,070.09.

This was announced by the Chinese National Bureau of Statistics survey data It emerged on Sunday that the country’s official purchasing managers index reached 50.8 in March, the strongest value since March 2023.

A similar but separate survey shows that the Caixin/S&P Global China manufacturing purchasing manager index stood at 51.1 in March – the strongest since February 2023. In February it stood at 50.9.

“Chinese manufacturers increased production, while also increasing purchasing levels, amid improved optimism,” the report said.

“A slew of policies introduced earlier this year to stabilize growth are gradually taking effect,” Wang Zhe, senior economist at Caixin Insight Group, said in a statement.

China’s target of economic growth of “about 5%” is “ambitious,” he said. Given the pressures limiting employment and keeping prices low, efforts will be needed to make growth more efficient and improve its quality, he added.

The The World Bank has released a report it predicts that economies in the developing countries of East Asia and the Pacific will grow by 4.5% this year, up from 5.1% in 2023. It estimates that China’s economy will grow by 4.5% annually. .

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