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China business index sags to 49.2 in Nov
By Hu Xiaocen |
November 26, 2012, Monday
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Online Edition
Online Edition
NOVEMBER saw China's business sentiment weakening, especially in property, telecom, oil and gas sectors, while domestic consumption picked up, JPMorgan Chase said in a report published today.
The monthly reading of business conditions fell significantly to 49.2 this month from October's 61.2, according to the JP Morgan Chase report.
A reading above 50 indicates business expansion in the sectors, while a figure below 50 suggests contraction.
Though the November reading slumped, it was still higher than the September reading of 48.5 and the August reading of 44.2, the bank added.
"The recovery in industrial activity appears to be gaining traction, supported by policy easing and stabilization of the housing market, and external demand has also improved," said Haibin Zhu, chief China economist at the bank.
"While the November index fell rather notably from October, it remained above the September and August levels. This probably indicates that the operating environment for companies is improving along with the macro indicators in recent months but at a more gradual pace."
The monthly reading of business conditions fell significantly to 49.2 this month from October's 61.2, according to the JP Morgan Chase report.
A reading above 50 indicates business expansion in the sectors, while a figure below 50 suggests contraction.
Though the November reading slumped, it was still higher than the September reading of 48.5 and the August reading of 44.2, the bank added.
"The recovery in industrial activity appears to be gaining traction, supported by policy easing and stabilization of the housing market, and external demand has also improved," said Haibin Zhu, chief China economist at the bank.
"While the November index fell rather notably from October, it remained above the September and August levels. This probably indicates that the operating environment for companies is improving along with the macro indicators in recent months but at a more gradual pace."
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