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China manufacturing activity near 11-month low, survey shows
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CHINA'S manufacturing sector's vitality may retreat to an 11-month low in March due to deteriorating demand at both home and abroad, a survey showed today.
The HSBC Flash China Manufacturing Purchasing Managers' Index, the earliest available indicator of China's industrial sector, landed at 49.2 in March, down from February's final reading of 50.7, according to HSBC and research firm Markit.
It again fell below the demarcation line of 50, which separates expansion from contraction, after February's index pointed at increasing industrial activity for the first time in four months.
Qu Hongbin, chief economist for China at HSBC, said the components signaled a slight deterioration in the health of China's manufacturing sector in March.
"A renewed fall in total business contributed to a weaker expansion of output, while companies continued to trim their workforce numbers," Qu said. But he noted companies benefited from falling input costs thanks to the recent global oil price decline.
"However, relatively muted client demand has led firms to pass on savings in a bid to boost new work, and cut their selling prices at a similarly sharp rate," Qu said.
Some financial institutions projected China's gross domestic product growth may fall below 7 percent in the first quarter, which trails the official target of around 7 percent.
China's economy expanded 7.3 percent from a year earlier in the fourth quarter of last year, better than earlier market expectation and concluding the year of 2014 at 7.4 percent.
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