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China's manufacturing gathers steam as PMI soars
By Wang Yanlin |
September 29, 2010, Wednesday
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Online Edition
Online Edition
CHINESE manufacturing showed a strong momentum propelled by fast rise in production and new business orders as a key index soared to a five-month high in September, a survey showed today.
The HSBC Purchasing Managers' Index, an overall gauge of industrial activities across the country, rose to 52.9 this month from 51.9 of the previous month.
A reading above 50 signaled an expansion and September's index climbed up three points since posting below the neutral 50 threshold in July. It suggested the growth momentum in the sector continued to gather steam, the survey said.
"The upbeat reading of the HSBC PMI implies that China's growth slowdown is in check," said Qu Hongbin, chief economist at HSBC.
"Despite uncertainties on growth in global demand, we expect China to rely on continued investment in ongoing infrastructure projects and resilient consumption to grow by around 9 percent in the rest of the year and 2011," Qu said.
China's economy grew 11.1 percent from a year earlier in the first half. But breakdown showd the pace slackened to 10.3 percent in the second quarter from 11.9 percent in the first three months.
In a report released yesterday, the Asian Development Bank kept its forecast for China's economy to increase 9.6 percent this year despite of signs of a moderating trend for the industrial growth.
China's industrial output gained 13.9 percent year on year in August, up from July's 13.4 percent. But the quickening pace came a bit unexpectedly after four consecutive months of slackening in the growth.
The HSBC Purchasing Managers' Index, an overall gauge of industrial activities across the country, rose to 52.9 this month from 51.9 of the previous month.
A reading above 50 signaled an expansion and September's index climbed up three points since posting below the neutral 50 threshold in July. It suggested the growth momentum in the sector continued to gather steam, the survey said.
"The upbeat reading of the HSBC PMI implies that China's growth slowdown is in check," said Qu Hongbin, chief economist at HSBC.
"Despite uncertainties on growth in global demand, we expect China to rely on continued investment in ongoing infrastructure projects and resilient consumption to grow by around 9 percent in the rest of the year and 2011," Qu said.
China's economy grew 11.1 percent from a year earlier in the first half. But breakdown showd the pace slackened to 10.3 percent in the second quarter from 11.9 percent in the first three months.
In a report released yesterday, the Asian Development Bank kept its forecast for China's economy to increase 9.6 percent this year despite of signs of a moderating trend for the industrial growth.
China's industrial output gained 13.9 percent year on year in August, up from July's 13.4 percent. But the quickening pace came a bit unexpectedly after four consecutive months of slackening in the growth.
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