China's factory-gate inflation picked up for the first time in nine months ...
BEIJING - China’s factory-gate inflation picked up for the first time in nine months in March, edging away from deflationary territory, in a fresh sign that government efforts to boost the economy may be starting to revitalize domestic demand.
The step-up in producer inflation, while slight, will likely add to optimism that the world’s second-largest economy is slowly starting to turn the corner, after recent surveys showed factory activity expanded for the first time in months. Most of the gain was in mining, with prices in extraction rising 4.2 percent on-year, up from 1.8 percent in February. Drops in raw material prices also moderated.
On a monthly basis, producer prices increased for the first time in five months. The index inched up 0.1 percent, compared with a 0.1 percent decrease in February. Last month, the government announced nearly 2 trillion yuan in additional tax cuts to ease the pressure on corporate balance sheets, while authorities are pressing banks to keep lending to struggling smaller firms.
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