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China鈥檚 manufacturing may see worst performance in 7 months
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CHINA’S manufacturing sector may see the weakest performance in seven months in December as domestic demand in the world’s second-largest economy continues to deteriorate, a survey showed yesterday.
The HSBC Flash China Manufacturing Purchasing Managers’ Index, the earliest available indicator of China’s industrial sector, touched 49.5 in December, down from November’s final reading of 50, according to HSBC and research firm Markit.
A reading below 50 means contraction.
The flash PMI reading shouldn’t come as a surprise because industrial production in November grew by a slower 7.2 percent, down from the rise of 7.7 percent a month earlier. It was the second-lowest monthly reading since April 2009, with only August this year recording a lower rate of 6.9 percent.
Qu Hongbin, chief economist for China at HSBC, said the components showed that both domestic demand and prices slowed considerably.
“The manufacturing slowdown continues in December and points to a weak ending for 2014,” Qu said. “The rising disinflationary pressures, which fundamentally reflect weak demand, warrant further monetary easing in the coming months.”
The sub-indices showed that new orders fell noticeably to 49.6 in December from 51.3 in November, while new export orders picked up to 51.7 from 51.1, suggesting that domestic demand was the negative force dampening new orders.
Input prices also dived to a nine-month low of 41.8, underscoring heightened deflationary pressure.
Jacqueline Rong, an economist at BNP Paribas, said the disappointing flash PMI reflected the weak state of the economy was worsening.
“December growth data likely will decline, and the fourth-quarter economic growth certainly will be worse than the past three quarters,” Rong said.
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