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China's factories speed up expansion
By Wang Yanlin |
September 1, 2009, Tuesday
|
Online Edition
Online Edition
CHINESE manufacturing expanded at the fastest pace in 16 months in August, shored up by the credit surge and securing a recovery in the world's third largest economy.
The official Purchasing Managers Index, a measure of the nation's manufacturing activities, rose to 54 last month from 53.3 in July, the China Federation of Logistics and Purchasing said today.
The PMI has been above 50 -- the threshold indicating an expansion -- for six straight months.
"The continued rise in China's PMI suggests industrial production is accelerating," said Sherman Chan, an economist at Moody's Economy.com. "Domestic demand remains a key driver of manufacturing momentum on the mainland, but the reading for new export orders keeps flat."
The subindex for production under the PMI settled at 57.9 in August, up from 57.3 in July. New orders rose to 56.3 last month from 55.5 a month earlier while new export orders were unchanged at 52.1, indicating that external demand is still weak.
The official Purchasing Managers Index, a measure of the nation's manufacturing activities, rose to 54 last month from 53.3 in July, the China Federation of Logistics and Purchasing said today.
The PMI has been above 50 -- the threshold indicating an expansion -- for six straight months.
"The continued rise in China's PMI suggests industrial production is accelerating," said Sherman Chan, an economist at Moody's Economy.com. "Domestic demand remains a key driver of manufacturing momentum on the mainland, but the reading for new export orders keeps flat."
The subindex for production under the PMI settled at 57.9 in August, up from 57.3 in July. New orders rose to 56.3 last month from 55.5 a month earlier while new export orders were unchanged at 52.1, indicating that external demand is still weak.
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