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Chinese manufacturing grows for first time in 6 months, flash index indicates
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CHINA'S manufacturing sector may have returned to growth for the first time in six months in June thanks to recovering demand both at home and abroad, a survey showed today.
The HSBC Flash China Manufacturing Purchasing Managers' Index, the earliest available indicator of China's industrial sector weighing toward private and export-oriented companies, rose to a seven-month high of 50.8 in June, the HSBC Holdings plc and research firm Markit said.
A reading above 50 means expansion, and it was the first time for the index to get above that line since January.
Qu Hongbin, chief economist for China at HSBC, said the improvement was broad-based.
"Both domestic orders and external demand component indices are in expansionary territory, while inventory reduction quickens, and employment also shows signs of stabilization," Qu said. "They are consistent with data suggesting that the authorities' mini-stimulus is filtering through to the real economy."
Qu said over the next a few months, infrastructure investments and related sectors will continue to support the recovery.
"We expect policymakers to continue their current path of accommodative policy stance until the recovery is sustained," Qu said.
China has announced an array of policies to support growth and create jobs. The State Council, China's cabinet, allowed banks to leave smaller amounts of money as reserves and accelerated the construction of railways. It also released detailed measures to stabilize trade.
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