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Index adds to rebound hopes

By Chen Jia  (China Daily)

08:45, January 05, 2013

Rising domestic demand, exports drive up gauges of economic activity for Dec

The growth of China's non-manufacturing industries continued to pick up in December, adding to signs of an economic rebound in the country.

The December non-manufacturing Purchasing Managers' Index rose to a four-month high of 56.1 from November's 55.6, a result of increasing domestic market demand and exports, according to data released by the National Bureau of Statistics and the China Federation of Logistics and Purchasing on Thursday.

It has increased for three consecutive months after it hit a 10-month low in September of 53.7.

A reading above 50 indicates an expansion of business activities.

The manufacturing PMI in December was 50.6 — the same as that in November. HSBC Holdings Plc also released its manufacturing PMI figure of 51.5, the highest in 19 months.

"Domestic demand is becoming the key foundation for keeping up economic growth," said Cai Jin, vice-chairman of the federation.

Cai said the service and construction industries are important to sustaining growth in the long term.

Flagging exports and government measures to contain inflation dragged down the economy's growth to 7.4 percent in the third quarter, the slowest pace in more than three years.

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