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More than a decade after a terrorist attack brought down New York’s twin towers, their under-construction replacement became the city’s tallest building on Monday.

The placement of a column of the 100th floor brought the colossal new steel structure of One World Trade Center tower to a height of 1,271 feet – surpassing the frame of the Empire State Building, which is currently New York’s tallest skyscraper, by 21 feet.

Built on what was referred to as ground zero in Lower Manhattan, the building is expected to reach 1,776 feet when it is finished by early 2014. The Willis Tower in Chicago, formerly known as the Sears Tower, is the country’s current record holder at 1,450 feet.

The One World Trade Center building will have three top-floor observation decks. Its first 90 floors will be designated for office space, and the following 10 floors will be reserved for air conditioning, heating, and electrical equipment.

Despite years of political infighting and real estate squabbling that delayed its construction, more than half of the building has now been rented, with a tenant list that includes Conde Nast publishing company and a Chinese real estate investment firm called Vantone Holdings.

In its shadow, twin reflecting pools are situated in the footprints of where the twin towers once stood.

The names of the nearly 3,000 people killed in the 2001 attacks, as well as six people who died in the World Trade Center bombing in 1993, are emblazoned across bronze panels ringing the pools.

The steel beams were placed atop the structure on Monday, one day before the one-year anniversary of Osama bin Laden’s death. The project is bringing a major milestone to the city and country, said Mike Mennella, the construction executive who was in charge of building the first towers and is helping to build the new structure.

“Today is a day where we can really look back and say the milestones we’ve surpassed and overcome are certainly more significant than the ones ahead of us,” he said. “The building is in position now where we can see it coming from the top, and see it being finished off in a very, very significant way.”

As the man who built the first towers, only to watch them fall during the terrorist attacks, Mennella knows just how important it is to be able to rebuild and start a new chapter in lower Manhattan.

China’s government says manufacturing activity continued to recover in April, with an index of purchasing managers’ sentiment rising for the fifth straight month.

The index released Tuesday by the National Bureau of Statistics rose to 53.3 in April from 53.1 the previous month. The index bottomed out at 49 in November. Index readings of more than 50 indicate expansion in the manufacturing sector; readings below 50 indicate contraction.

The Chinese government’s report has been more positive than a separate, closely watched report from the banking company HSBC. In its preliminary April report, released April 23, the HSBC index rose to 49.1 from 48.3 in March — an improvement that still indicates contraction. The final report will be released Wednesday.

The government reading is “skewed towards larger firms and so probably exaggerates the sector’s recent strength,” wrote Mark Williams, chief Asia economist for Capital Economics, in a note Tuesday.

Nevertheless, he said the strength of the government’s reading “adds to the evidence that conditions in manufacturing have stopped deteriorating.”

Tuesday’s reading for production at Chinese factories edged up to 57.2 from 55.2. But the index for new orders slowed, slipping to 54.5 from 55.1, indicating that the recent rebound in manufacturing could be reversed.
Importance of China’s banks to U.S.

China’s economy, driven by its manufacturing sector, has become an important driver of global economic growth.

As global economic growth has slowed in the last year and Europe has edged toward recession, there have been growing fears that China could experience a so-called hard landing, a much sharper-than-expected slowdown in the economy.

While emerging economies such as China still report strong overall growth, a slowdown in growth in developed economies has cut into demand for goods from those markets.

Last week, the initial reading on first quarter U.S. gross domestic product, the broadest measure of the nation’s economic health, was weaker than expected, and a separate report Monday showed weaker-than-expected spending by U.S. consumers in March.
China news site worth more than NYT

Europe is the major market for Chinese goods. But with Spain’s economy falling into a recession, there are now 12 nations in the European Union that have suffered from their gross domestic product falling for at least two quarters in a row, a benchmark often used to determine a recession.

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