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China’s private manufacturing grows at slowest pace in 3 months
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CHINA’S manufacturing activities in private and export-oriented companies expanded in December at the slowest pace in three months, echoing a slowdown trend of state-owned companies, a survey showed today.
The HSBC Purchasing Managers’ Index, which measures operating conditions in mostly private companies, fell slightly to 50.5 from November’s 50.8, according to HSBC Holdings Plc. The reading was unchanged from a flash reading released December 16.
A reading above 50 means expansion.
That was in line with the official PMI, released yesterday by the China Federation of Logistics and Purchasing, which fell to 51 in December, the lowest in four months.
Qu Hongbin, chief economist for China at HSBC, said the decline was mainly due to slower output growth, but a steady increase of new orders kept the PMI in the realm of expansion for the fifth consecutive month.
“The recovering momentum since August 2013 is continuing into 2014, in our view. With inflation still benign, we expect the current monetary and fiscal policy to remain in place to support growth,” Qu said.
The survey report revealed the growth of both output and new orders fell from an eight-month high in November.
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