Latest News:  
Beijing   Overcast/Moderate rain    9 / 12 ℃  City Forecast

English>>China Business

Report shows China's manufacturing PMI at 3-month high

(Xinhua)

08:27, October 25, 2012

BEIJING, Oct. 24 (Xinhua) -- A preliminary report into China's manufacturing sector shows rising new orders in the three months to the end of October, a HSBC report showed Wednesday.

The preliminary version of HSBC's monthly purchasing managers' index (PMI) rose to a three-month high of 49.1, the British bank said.

The reading was still below 50, which indicates a contraction but it was an improvement from 47.9 in September, the banks' data showed.

The figure indicates signs of a rebound in the world's second largest economy.

Pro-growth measures introduced by the government this year have started to take effect on the market, helping boost domestic demand and confidence of enterprises, according to the report.

China's economic growth slowed to a seventh straight quarter low of 7.4 percent from July to September amid weak demand both at home and abroad.

The government has twice lowered banks' reserve requirement ratios and interest rates, speeded up infrastructure investment and expanded fiscal spending to buoy the economy.

The reading is in line with the trend indicated by official data. Official PMI rose to 49.8 percent last month from 49.2 percent in August, ending a decline for four straight months.

It adds to the market's optimism over a slight rebound in the fourth quarter of the year, as key economic data released earlier in the month showed improvements in both investment and retail sales.

However, HSBC economist Qu Hongbin warned of weak external demand and a slack job market, suggesting a continuation of policy easing to secure a stronger recovery.

The official non-manufacturing PMI is based on a survey of about 1,200 companies in 27 industries, while HSBC tracks smaller private sector firms, including 400 small- and medium-sized companies. HSBC's final index is due on Nov. 1.

News we recommend:
House prices nudge upward in September Islands dispute benefits carmakers' competitors Sany's bid to usurp Caterpillar
Falsely labeled crabs upset the market A Boon to the Economy 'Right time' for London to build RMB business
Beijing offices still hot properties  The consuming challenge of food safety The dawn of a new growth era

Email|Print|Comments(Editor:厉振羽、张洪宇)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Helicopter formation of PLA army aviation force

  2. Four "gun masters" of PLA Beijing MAC

  3. James Bond and his girls on big screen

  4. Classic cars, sexy girls highlight auto show

  5. Top 10 self-made businesswomen in China

  6. China's economy has bottomed out

  7. China and France to protect freshwater lake

  8. Monarch butterfly

Most Popular

Opinions

  1. Sino-US relations tainted by falsehood
  2. Foreign funding only short-term fix
  3. China's slowdown 'beneficial'
  4. China's development benefits all: U.S. city official
  5. Vested interests must not prevent gaokao reform
  6. Economic strains put Hollande on back foot
  7. Sino-Cambodian ties undimmed by Sihanouk’s death
  8. US should engage Asia as a partner
  9. US risks losing neutrality over Diaoyu
  10. New energy initiatives just for show

What’s happening in China

Civil service test applications surge

  1. Porn crackdown
  2. Avon warned by FDA for misleading advertisement
  3. Man on dating show gets call for medical advice
  4. Chinese daughters more filial than sons
  5. Police probe doctors in human egg case