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China's manufacturing growth comes near halt: survey
By Bian Ji |
July 1, 2011, Friday
|
Online Edition
Online Edition
CHINA'S official purchasing managers' index dropped to the lowest in two and a half years in June, as the government stepped up efforts to rein in inflation and asset price bubbles.
The Purchasing Managers' Index, an indicator of manufacturing sector operating conditions, was at 50.9 in June compared with 52 in May, the China Federation of Logistics and Purchasing said in a statement today.
The reading was the lowest since February 2009 and was edging down towards the 50-point level, above which an expansion is expected.
The manufacturing index is based on a survey of purchasing managers in more than 820 companies in 20 industries.
China's Consumer Price Index, the main gauge of inflation, surged to a 34-month high of 5.5 percent in May. Its growth may peak in June or July, the National Development and Reform Commission said.
China has raised interest rates four times since October. The People's Bank of China also lifted commercial banks' reserve requirement ratio six times so far this year to siphon out liquidity.
The Purchasing Managers' Index, an indicator of manufacturing sector operating conditions, was at 50.9 in June compared with 52 in May, the China Federation of Logistics and Purchasing said in a statement today.
The reading was the lowest since February 2009 and was edging down towards the 50-point level, above which an expansion is expected.
The manufacturing index is based on a survey of purchasing managers in more than 820 companies in 20 industries.
China's Consumer Price Index, the main gauge of inflation, surged to a 34-month high of 5.5 percent in May. Its growth may peak in June or July, the National Development and Reform Commission said.
China has raised interest rates four times since October. The People's Bank of China also lifted commercial banks' reserve requirement ratio six times so far this year to siphon out liquidity.
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