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People's Daily Online>>China Business

Decline in orders slows China's manufacturers (2)

By Wang Yanlin (Xinhua)

15:22, December 02, 2011

China's exports grew at the slowest pace in eight months in October, the latest figures available, and may continue to deteriorate, analysts said.

Meanwhile, the HSBC China Manufacturing Purchasing Managers' Index, slanted more towards private and export-oriented firms, dropped to a 32-month low of 47.7 in November, down from 51 in October.

"The reading points to a sharp deterioration in business conditions across the manufacturing sector," said Qu Hongbin, chief economist for China at HSBC. "Combined with a faster than expected easing in inflation, this implies that growth is set to overtake inflation as China's top policy concern."

On Wednesday, the central bank announced its first cut in banks' reserve requirement ratio in three years, injecting up to 400 billion yuan (US$62.7 billion) into the banking system.

Analysts treated the cut as a signal of broader policy fine-tuning to sustain China's economic growth, which slowed to 9.1 percent in the third quarter from 9.5 percent in the second and 9.7 percent in the first three months.

Earlier this week, two major financial institutions cut their forecast of China's economic growth next year.

UBS AG said it may expand 8 percent, down from a previous estimate of 8.3 percent, while Citigroup Inc lowered its forecast to 8.4 percent from a previous 8.7 percent.

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