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China manufacturing activity contracts most in August
By Wang Yanlin |
September 3, 2012, Monday
|
Online Edition
Online Edition
Chinese manufacturing activity in privately-owned and export-oriented companies contracted at the fastest pace in 41 months, an HSBC survey showed this morning.
The HSBC Purchasing Managers' Index, a composite indicator of operating conditions in China's manufacturing sector slanted toward private and export-oriented companies, was at 47.6 in August, down from 49.3 in July and the lowest since March 2009.
A reading below 50 means contraction while a reading above 50 indicates expansion.
"The final reading of the HSBC PMI confirmed that China's manufacturing sector still faces intensifying downward pressure," said Qu Hongbin, chief economist for China at HSBC. "New export orders contracted at the fastest pace in 41 months. It means Chinese exporters are facing more difficulties amid growing global headwinds as well as record-high inventories and a 41-month low employment index."
Qu said China's policymakers must step up policy easing to stabilize economic growth and create more jobs.
August saw new business decrease the most in nine months and employment shrink for six months on end, according to the HSBC component indices.
State-owned manufacturers fared no better. The official Purchasing Managers' Index, which is weighted toward large state-owned enterprises, edged down from July's 50.1 to 49.2 in August, falling below 50 for the first time since November 2011, the China Federation of Logistics and Purchasing said on Saturday.
The HSBC Purchasing Managers' Index, a composite indicator of operating conditions in China's manufacturing sector slanted toward private and export-oriented companies, was at 47.6 in August, down from 49.3 in July and the lowest since March 2009.
A reading below 50 means contraction while a reading above 50 indicates expansion.
"The final reading of the HSBC PMI confirmed that China's manufacturing sector still faces intensifying downward pressure," said Qu Hongbin, chief economist for China at HSBC. "New export orders contracted at the fastest pace in 41 months. It means Chinese exporters are facing more difficulties amid growing global headwinds as well as record-high inventories and a 41-month low employment index."
Qu said China's policymakers must step up policy easing to stabilize economic growth and create more jobs.
August saw new business decrease the most in nine months and employment shrink for six months on end, according to the HSBC component indices.
State-owned manufacturers fared no better. The official Purchasing Managers' Index, which is weighted toward large state-owned enterprises, edged down from July's 50.1 to 49.2 in August, falling below 50 for the first time since November 2011, the China Federation of Logistics and Purchasing said on Saturday.
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