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December PMI hits 14-month high
By Wang Yanlin |
December 14, 2012, Friday
|
Online Edition
Online Edition
CHINA'S manufacturing activity may grow at the fastest pace in 14 months in December thanks to stronger domestic demand, an HSBC survey showed today.
The HSBC Flash China Manufacturing Purchasing Managers' Index, the earliest available indicator of China's industrial vitality, climbed to a 14-month high of 50.9 this month, up from 50.5 in November, HSBC Holdings Plc said.
A reading above 50 means expansion, and it was the second month that the index, which is slanted towards private and export-oriented firms, bounced back to the expansionary territory.
Qu Hongbin, HSBC's chief economist for China, said the data confirmed that China's ongoing growth recovery is gaining momentum, mainly driven by domestic demand.
"However, the drop of new export orders and the downside surprise of November exports growth suggest the persisting external headwinds, and call for an accommodative policy stance to counter-balance the external weakness," Qu said.
The component indices under the HSBC Flash PMI showed that production in December increased at a slower rate compared with a month earlier; new orders grew more quickly but new export orders decreased again from November.
The HSBC Flash China Manufacturing Purchasing Managers' Index, the earliest available indicator of China's industrial vitality, climbed to a 14-month high of 50.9 this month, up from 50.5 in November, HSBC Holdings Plc said.
A reading above 50 means expansion, and it was the second month that the index, which is slanted towards private and export-oriented firms, bounced back to the expansionary territory.
Qu Hongbin, HSBC's chief economist for China, said the data confirmed that China's ongoing growth recovery is gaining momentum, mainly driven by domestic demand.
"However, the drop of new export orders and the downside surprise of November exports growth suggest the persisting external headwinds, and call for an accommodative policy stance to counter-balance the external weakness," Qu said.
The component indices under the HSBC Flash PMI showed that production in December increased at a slower rate compared with a month earlier; new orders grew more quickly but new export orders decreased again from November.
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