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Chinese manufacturers at full steam
By Wang Yanlin |
January 4, 2010, Monday
|
Online Edition
Online Edition
GROWTH of the Chinese manufacturing sector accelerated in December thanks to a sharp rise in production, rapid job creation and price increases in output and input, the HSBC Purchasing Managers Index showed today.
The headline HSBC PMI, based on a poll of purchasing executives in manufacturing and designed to survey business conditions in industry, rose to a record high of 56.1 last month from November's 55.7, the bank said.
With a reading above 50 referring to expansion, the HSBC PMI has been above the watershed for nine months in a row.
"The second round of stimulus measures is filtering through to substantially benefit the manufacturing sector as we expected," said Qu Hongbin, HSBC's chief economist.
Qu said strong demand and rising input prices have bolstered the outlook of manufacturing, while inflation will be manageable in the coming months.
The latest data pointed to substantial increase in output and new business, the bank said. Firms continued to add to their workforce numbers, while stocks of purchases rose for the second time in three months.
The headline HSBC PMI, based on a poll of purchasing executives in manufacturing and designed to survey business conditions in industry, rose to a record high of 56.1 last month from November's 55.7, the bank said.
With a reading above 50 referring to expansion, the HSBC PMI has been above the watershed for nine months in a row.
"The second round of stimulus measures is filtering through to substantially benefit the manufacturing sector as we expected," said Qu Hongbin, HSBC's chief economist.
Qu said strong demand and rising input prices have bolstered the outlook of manufacturing, while inflation will be manageable in the coming months.
The latest data pointed to substantial increase in output and new business, the bank said. Firms continued to add to their workforce numbers, while stocks of purchases rose for the second time in three months.
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