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    A worker stokes the furnace at a Sanming Steel (Group) Co Ltd factory in Sanming, in Fujian province. The official Purchasing Managers Index for August was 51.1, down from 51.7 in July. Yang Enuo / China Daily


    Factory slowdown signals further weakness

    China's manufacturing sector slowed more than estimated in August, suggesting the economy is losing momentum.

    The official Purchasing Managers Index, jointly released by the National Bureau of Statistics and the China Federation of Logistics and Purchasing, was 51.1 for August, missing the median 51.2 estimate in a Bloomberg survey.

    The final reading of a separate manufacturing gauge from HSBC Holdings Plc and Markit Ltd was 50.2.

    Both readings fell from 51.7 in July but remain above 50, indicating expansion.


    China, Russia start pipeline construction

    China and Russia on Sept 1 started the construction of a joint natural gas pipeline in Russia's eastern Siberia, as they implement a natural gas supply contract signed between the two countries.

    Chinese Vice-Premier Zhang Gaoli and Russian President Vladimir Putin jointly witnessed the welding of the first roll of pipes on the Russian side of the China-Russia East Route natural gas pipeline in Yakutsk, the capital city of Russia's Sakha (Yakutia) Republic.

    The Chayandin and Kovyktin gas fields in eastern Siberia will become major sources of supply when the pipeline begins to pump natural gas to China in 2018.

    The start of construction on the pipeline signifies a major step forward in implementing the consensus reached between Chinese President Xi Jinping and Putin.


    Legend, two partners invest in Web finance

    Legend Holdings led an investment with two partners in Chinese Internet finance company Beijing Oriental Wealth Information Co Ltd, the parties jointly announced on Sept 2. In the Series A financing of Beijing Oriental Wealth Information Co Ltd, the funds from Legend Holdings are 10 million yuan ($1.6 million). The funds will be used for recruiting staff and perfecting risk control and brand management.


    China Eastern profit dives in first half

    China Eastern Airlines, one of the country's leading carriers, posted a net profit drop of almost 98 percent in the first half of the year compared with the corresponding period last year. With net profit of 14 million yuan ($2.28 million), the company had revenue of 42.6 billion yuan in the first six months, a statement to the Shanghai Stock Exchange said. The revenue was a 2.68 percent increase year-on-year, the airline said. It attributed the performance to "geopolitical instability, fewer high-end business travelers and more convenient high-speed railway services".


    Sinopec ranked No 1 in Top 500 list

    Chinese oil giant Sinopec Group ranked first in the 2014 edition of the Top 500 Chinese Enterprises list, marking the 10th year the company has held the title. Sinopec Group took the lead with total revenues of 2.95 trillion yuan ($478.24 billion), according to the list released on Sept 2 by the China Enterprise Confederation and the China Enterprise Directors Association. The list was compiled based on revenues of Chinese enterprises in 2013. All companies on the list had revenues above 20 billion yuan. Combined revenues of the companies totaled 56.68 trillion yuan, up 13.31 percent year-on-year and roughly equal to the country's 2013 GDP of 56.88 trillion yuan.

    China Daily-Agencies

    (China Daily European Weekly 09/05/2014 page18)

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