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China's business sentiment rebounds, shows return to stable growth
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CHINA’S business sentiment rebounded in October and returned to stable growth as more new orders strengthened production, a private report showed.
The monthly MNI China Business Indicator rose to 55.3 in October from 51.8 in September, the first monthly increase in two months, Market News International, a unit of Deutsche Boerse Group, said in a report today.
An indicator reading above 50 shows expansion and below 50 indicates contraction.
September’s fall to the lowest for a year followed a strong rise in August, and the October data indicated a return to stable growth.
“The September data looked like a blip with overall business conditions picking back up to trend in October,” Philip Uglow, MNI Indicators chief economist, said in the report.
“The strong rise in new orders seen in recent months appears to have preceded the pick up in gross domestic product growth in the third quarter. Questions have been raised over the sustainability of the latest GDP rise, but the October business survey data tentatively points to similar growth in the fourth quarter,” he added.
The largest monthly percentage gain in more than two and half years in October put the production sub-index at its highest level since December 2012, as the recent strengthening in new orders fed through to output.
Meanwhile, the new orders sub-indicator bounced back in October following the slowdown in September, while expectations rose strongly, according to the report that is based on around 200 surveys of companies during October.
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