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China's manufacturing growth slows with weaker export orders
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CHINA'S manufacturing activity grew at a slower pace in November due to weak new export orders and a slowing pace of restocking activities, a preliminary survey showed this morning.
The HSBC Flash China Manufacturing Purchasing Managers' Index, the earliest available indicator of China's industrial sector's vitality, eased to 50.4 in November from October's final index of 50.9. But it was still higher than August's 50.2 and was the second-strongest in seven months.
A reading above 50 means expansion.
Qu Hongbin, chief economist for China and co-head of Asian Economic Research at HSBC, said the latest index implied that China's growth recovery was still in a stabilizing process.
"Although slowing a bit, the index is still the second-highest reading in seven months," Qu said. "The muted inflationary pressure should enable China to keep policy relatively accommodative to support growth."
China's gross domestic product growth accelerated to 7.8 percent in the third quarter, up from the increase of 7.5 percent in the second quarter and implying a stabilizing economic recovery.
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