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People's Daily Online>>China Business

December index shows contraction of manufacturing

By Maggie Zhang (Shanghai Daily)

16:47, December 30, 2011

CHINA'S manufacturing sector contracted for a second month in December against euro zone woes, dwindling Chinese exports and continued government crackdown on speculation in the housing market.

The HSBC China Manufacturing Purchasing Managers' Index settled at 48.7 in December, up from 47.7 in November but still within readings pointing to contraction, HSBC Holdings Plc and Markit Economics said today.

A reading above 50 indicates expansion.

"December data showed a continued deterioration in the operating conditions of China's manufacturing sector," the report said. "Companies reported a stockpiling of products for the first time in 17 months while the number of new contracts fell at a faster rate compared with production."

Meanwhile, employment and outstanding business volumes both decreased marginally.

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