Weekly Cryptonews
The first part of the week was more than optimistic for Bitcoin. However, now it is going through the correction phase.
China's economic powerhouse Guangdong reports steady first-quarter surge
China's leading province by economic output, Guangdong managed to maintain a surge rate of 6.6% in the first quarter due to improving industrial output as well as infrastructure spending.
It even surpassed the Guangdong local government's objective of 6%-6.5% for 2019. Moreover, it’s intact from the surge in the fourth quarter of 2018.
Export-oriented Guangdong, whose GDP of nearly $1.4 trillion is equivalent to Australia’s one, has been facing intense pressure from a nine-month trade clash between China and America, with many companies in the region shifting production out of China because factory orders dried up.
In fact, exports have yet to demonstrate any sustainable improvement, soaring 1.8% for the first three months. It turned out a bit faster than the 1.2% surge last year, still pointing to sluggish demand worldwide.
In order to keep foreign customers, China’s manufacturers have been providing decent discounts and cutting workforces.
Guangdong's industrial output jumped to a nine-month maximum in the first quarter that appears to be in line with the national trend, with the output of new energy cars soaring by 252.1% from 2018.
Some experts had associated the rally with manufacturers building inventory to take advantage of the Chinese government’s announcement of value-added tax trim, which came into effect on April 1.
In Guangdong, production in telecommunication base stations went up by 154% probably because of the cabinet’s push to launch 5G services across the province. By 2020, the province is expected to erect up to 7,300 5G towers.
Output in advanced manufacturing, accounting for more than half of overall industrial output, headed north by 6.9% in the first quarter.
In the first quarter, infrastructure investment rallied by 28.3%, soaring 17.2% from 2018.
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RBNZ Meeting
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.
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