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China PMI hits 19-month high in Dec
By Hu Xiaocen |
December 31, 2012, Monday
|
Online Edition
Online Edition
CHINA'S manufacturing activity grew at the fastest pace in 19 months in December as both industrial output and sales reached a record high in nearly seven quarters, a private report showed today.
The HSBC China Purchasing Managers' Index, which tracks operating conditions in the manufacturing sector, rose to 51.5 in December, from 50.5 in November, HSBC Holding Plc said today.
A reading above 50 indicates expansion. A figure below 50 means contraction.
"December's final manufacturing PMI picked up for the fourth consecutive month to a 19-month high, thanks to faster new business flows and the end of destocking," Qu Hongbin, chief economist at HSBC said. "Such a momentum is likely to be sustained in the coming months when infrastructure construction is in full swing and the housing market further stabilizes."
"This, plus Beijing's pledge to continue a pro-growth policy in the coming year, should support a modest recovery of about 8.6 percent in 2013, despite external headwinds," Qu said.
Industrial output expanded for a second straight month to a 21-month high in December. Purchasing activity also rose at the fastest pace since March last year, according to the report.
The HSBC China Purchasing Managers' Index, which tracks operating conditions in the manufacturing sector, rose to 51.5 in December, from 50.5 in November, HSBC Holding Plc said today.
A reading above 50 indicates expansion. A figure below 50 means contraction.
"December's final manufacturing PMI picked up for the fourth consecutive month to a 19-month high, thanks to faster new business flows and the end of destocking," Qu Hongbin, chief economist at HSBC said. "Such a momentum is likely to be sustained in the coming months when infrastructure construction is in full swing and the housing market further stabilizes."
"This, plus Beijing's pledge to continue a pro-growth policy in the coming year, should support a modest recovery of about 8.6 percent in 2013, despite external headwinds," Qu said.
Industrial output expanded for a second straight month to a 21-month high in December. Purchasing activity also rose at the fastest pace since March last year, according to the report.
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