China manufacturing activity to hit 1-year low, survey shows

By Wang Yanlin | April 23, 2015, Thursday |

Online Edition

CHINA'S manufacturing activity may continue to contract in April and reach a one-year low, 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 April, down from the final reading of 49.6 in March, according to HSBC and research firm Markit.

It has been below the demarcation line of 50, which separates expansion from contraction, for the second straight month after a brief rebound in February.

Qu Hongbin, chief economist for China at HSBC, said the components signaled continued deterioration in the health of China's manufacturing sector.

"Total new business declined for the second consecutive month, and relatively weak demand conditions were also highlighted by stronger deflationary pressures in the sector," Qu said. "Meanwhile, job shedding across manufacturing firms was recorded for the 18th month in a row."

One bright note was that demand from overseas improved in April, with new export work rising for the first time in three months.

China's economic growth slowed to 7 percent in the first quarter, prompting the central bank to announce a surprising reserve requirement ratio cut on Sunday.

Economy

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China manufacturing activity to hit 1-year low, survey shows

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