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China's PMI indicates slower growth rate
By Wang Yanlin |
February 1, 2010, Monday
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Online Edition
Online Edition
CHINESE manufacturing kept expanding in January, and the sector's stable growth will help to cement China's economic recovery, a pair of indices showed today.
But the growth in input prices also indicated more inflationary pressure ahead, leading economists to call for tightening moves.
The official Purchasing Managers Index, a measure of the nation's manufacturing activities, settled at 55.8 percent in January, the China Federation of Logistics and Purchasing said. It slipped 0.8 percentage points from a month earlier.
Despite a moderate slowdown, the figure has been above 50 percent -- the threshold indicating expansion -- for 11 consecutive months.
Meanwhile, the HSBC China Manufacturing PMI rose to 57.4 last month from 56.1 in December, reaching a record high since the survey began in April 2004.
Compared with the official PMI, which is weighted heavily towards big domestic companies, the HSBC survey is slanted more towards privately owned and export-oriented firms.
"The official PMI kept running at a relatively fast speed in January," said Zhang Liqun, an analyst at the federation. "It slowed down a bit, indicating the requirement of an adjustment to stabilize rapid growth in the previous months."
Among the component indices of the official PMI, production retreated 0.9 percentage points to 60.5 percent, while new orders, stocks of major raw materials and employment stood at 59.9 percent, 52.2 percent and 50.6 percent respectively, all indicating an expansion. Input prices, a forward-looking element which can reflect inflation trends, rose 1.8 percentage points to 68.5 percent.
But the growth in input prices also indicated more inflationary pressure ahead, leading economists to call for tightening moves.
The official Purchasing Managers Index, a measure of the nation's manufacturing activities, settled at 55.8 percent in January, the China Federation of Logistics and Purchasing said. It slipped 0.8 percentage points from a month earlier.
Despite a moderate slowdown, the figure has been above 50 percent -- the threshold indicating expansion -- for 11 consecutive months.
Meanwhile, the HSBC China Manufacturing PMI rose to 57.4 last month from 56.1 in December, reaching a record high since the survey began in April 2004.
Compared with the official PMI, which is weighted heavily towards big domestic companies, the HSBC survey is slanted more towards privately owned and export-oriented firms.
"The official PMI kept running at a relatively fast speed in January," said Zhang Liqun, an analyst at the federation. "It slowed down a bit, indicating the requirement of an adjustment to stabilize rapid growth in the previous months."
Among the component indices of the official PMI, production retreated 0.9 percentage points to 60.5 percent, while new orders, stocks of major raw materials and employment stood at 59.9 percent, 52.2 percent and 50.6 percent respectively, all indicating an expansion. Input prices, a forward-looking element which can reflect inflation trends, rose 1.8 percentage points to 68.5 percent.
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