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China manufacturing improves as growth bottoms out
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Manufacturing activity at China's private and export-oriented companies expanded a bit faster in September from that in August, indicating modest improvement of the world's second largest economy, a survey showed this morning.
The HSBC Purchasing Managers' Index, a comprehensive gauge of operating conditions at private and export-oriented industrial companies, settled at 50.2 in September, compared with 50.1 a month earlier.
A reading above 50 means expansion, and the final reading was less than its flash estimate of 51.2, which suggested a six-month high.
Qu Hongbin, chief economist for China at HSBC, said the September HSBC PMI reading edged up only slightly from August.
“New orders remained flat from the previous month, while external demand improved,” Qu said. “Manufacturers restocking process continued but remained relatively low. Growth is bottoming out on China's mini-stimulus.”
Qu said he expected continuous policy efforts to sustain the recovery.
The component indices showed that production expanded for the second consecutive month, though the rate of growth slowed to a fractional pace. And growth of new work was unchanged from the previous month.
China's gross domestic product expanded 7.5 percent from a year earlier in the second quarter. Some analysts believed it was the bottom, and the pace would pick up to 7.7 percent in the third quarter.
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