China's industry expands for fifth straight month
By Wang Yanlin |
May 2, 2012, Wednesday
|
Print Edition
Print Edition
China's manufacturing activities strengthened for a fifth month in April, a survey showed yesterday.
The official Purchasing Managers Index, which measures vitality in the sector, rose to 53.3, a one-year high, from 53.1 in March, the China Federation of Logistics and Purchasing said.
A reading above 50 indicates expansion.
The federation said April's index showed that the nation's industrial performance had been better than in the same month last year, reflecting a stabilizing economy.
Zhou Hao, an Australia and New Zealand Banking Group economist, said the index increase solidified the belief that recovery, which began in the middle of the first quarter, was well under way.
"China's manufacturing sector has been accumulating strength after the Spring Festival holiday in late January," Zhou said. "China's exports performed better than expected, which helped the country achieve a more stable recovery."
Component indices under the official PMI showed new export orders rose 0.3 points from a month earlier to 52.2. But overall new orders slipped 0.6 points to 54.5 while production jumped two points to 57.2.
However, federation economist Zhang Liqun cautioned there were still uncertainties in China's economy.
"The picking-up pace in April's official PMI is not as fast as before, there are still risks of economic slowdown if no stimulus policies are to be rolled out," Zhang said.
China's gross domestic product expanded 8.1 percent from a year earlier in the first three months, the slowest in nearly three years after both exports and fixed-asset investment growth weakened.
Industrial production rose 11.6 percent in the first quarter, up from 11.4 percent in January and February.
Manufacturers' profits fell 1.3 percent from a year earlier to 1.04 trillion yuan (US$165 billion) in the January-March period. But that compared to a 5.2 percent drop over the first two months.
The official PMI is weighted toward large state-owned enterprises.
The HSBC China PMI, which features private and export-oriented companies, will be released today. A preliminary reading indicated a two-month high of 49.1.
The official Purchasing Managers Index, which measures vitality in the sector, rose to 53.3, a one-year high, from 53.1 in March, the China Federation of Logistics and Purchasing said.
A reading above 50 indicates expansion.
The federation said April's index showed that the nation's industrial performance had been better than in the same month last year, reflecting a stabilizing economy.
Zhou Hao, an Australia and New Zealand Banking Group economist, said the index increase solidified the belief that recovery, which began in the middle of the first quarter, was well under way.
"China's manufacturing sector has been accumulating strength after the Spring Festival holiday in late January," Zhou said. "China's exports performed better than expected, which helped the country achieve a more stable recovery."
Component indices under the official PMI showed new export orders rose 0.3 points from a month earlier to 52.2. But overall new orders slipped 0.6 points to 54.5 while production jumped two points to 57.2.
However, federation economist Zhang Liqun cautioned there were still uncertainties in China's economy.
"The picking-up pace in April's official PMI is not as fast as before, there are still risks of economic slowdown if no stimulus policies are to be rolled out," Zhang said.
China's gross domestic product expanded 8.1 percent from a year earlier in the first three months, the slowest in nearly three years after both exports and fixed-asset investment growth weakened.
Industrial production rose 11.6 percent in the first quarter, up from 11.4 percent in January and February.
Manufacturers' profits fell 1.3 percent from a year earlier to 1.04 trillion yuan (US$165 billion) in the January-March period. But that compared to a 5.2 percent drop over the first two months.
The official PMI is weighted toward large state-owned enterprises.
The HSBC China PMI, which features private and export-oriented companies, will be released today. A preliminary reading indicated a two-month high of 49.1.
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