This is positive news for Chinese and Asian manufacturing in general - especially given the level to which Asian industrial production has fell in the past quarter - down some 32 per cent according to JP Morgan, roughly double the rate of decline in the Americas and Europe.
Furthermore, Goldman Sachs’ chief economist Jim O’Neil sees yet more reason to be positive about China on the back of such commodity-based indicators. He tells the FT in an interview published Monday that the fourth quarter of 2008 may very well have been the worst for the world economy, with 2009 likely not going to be as bad. On a relative basis he’s specifically positive about the outlook for the BRICs, China and India in particular.
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