| | APRIL 20249IN FOCUSCHINA'S FACTORY ACTIVITY HITS 13-MONTH HIGH: CAIXIN PMIGGV CAPITAL'S ASIA UNIT BECOMES GRANITE ASIA, EXPANDS BEYOND VCneed to promote the country a little bit more in Europe so that they are aware of the special talent of the Filipino workforce,' he said. As part of efforts to promote the country's IT-BPM industry, Madrid joined the recent trip of President Marcos to Germany and the Czech Republic.Madrid remarked, "Several German companies have established successful operations here over numerous years. However, we aim to gradually expand into the Czech market. Despite its smaller population, it holds promise". As part of the visit, IBPAP and the Confederation of Industry of the Czech Republic signed a memorandum of understanding, focusing on fostering trade and investment promotion between the two nations, particularly in the realm of IT-BPM commercial and industrial relations. This partnership entails sharing best practices in influencing governmental policies and talent development, along with promoting the responsible utilization of artificial intelligence. Granite Global Ventures Capital's (GGV Capital) Asia unit has undergone a rebranding, now known as Granite Asia, aiming to emerge as 'Asia's leading multi-asset investment platform'. Led by senior managing partners Jenny Lee and Foo Jixun, Granite Asia will maintain its oversight of existing portfolios across Southeast Asia, China, and India while strategizing expansion into additional asset classes like private equity and broader markets within the Asia-Pacific region.Foo expressed enthusiasm, citing Granite's foundational role within Granite Global Ventures and their determination to propel future success from this sturdy base. The rebranding follows the separation of GGV's US and Asia divisions in September 2023, a response to escalating geopolitical tensions between China and the US. This move mirrors actions taken by other venture capital firms like Sequoia, which are also geographically partitioning their operations.A newly established advisory council for Granite Asia features GGV's founding partner Thomas Ng, former GIC president for special investments Dr. Teh Kok Peng, and Singapore's National Science and Technology Board Chairman Teo Ming Kian. This strategic restructuring positions Granite Asia to navigate evolving market dynamics while capitalizing on emerging investment opportunities across the region. China's manufacturing sector surged in March, marking its most rapid expansion in 13 months, according to a private survey released. The Caixin/S&P Global manufacturing Purchasing Managers' Index (PMI) rose to 51.1, up from 50.9 in February, surpassing analysts' expectations of 51.0. This growth trend signals the fifth consecutive month of expansion, with the 50-point threshold indicating growth rather than contraction.This robust performance follows encouraging export and retail sales data, indicating a promising beginning to the year for the world's second-largest economy. Citi responded by revising its growth forecast for China in 2024 upwards, from 4.6 percent to 5.0 percent, citing recent positive economic indicators and policy measures.Premier Li Qiang set an ambitious target of around 5 percent economic growth for 2024 during China's parliamentary meeting in March. However, analysts caution that achieving this goal will necessitate additional stimulus, as the statistical base effect from 2022, which inflated growth data in 2023, will not be present. Additionally, a substantial downturn in the property sector continues to act as a significant drag on economic activity.The PMI survey highlighted accelerated growth in manufacturers' output and new orders last month, with external demand also rising. This surge pushed the gauge for new export orders to its highest level since February 2023.Business confidence regarding the year ahead reached its highest point since April 2023, bolstered by positive news such as a reduction in input costs. Wang Zhe, Senior Economist at Caixin Insight Group, attributed this to a drop in raw material prices, which reduced production costs for manufacturers, allowing them to adjust prices amid fierce market competition.Despite this optimism, companies exercised caution regarding hiring, as indicated by the persistent negativity in the sub-index for employment since August last year.
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