February鈥檚 PMI may expand fast
Print Edition
CHINA’S manufacturing sector may grow in February at the fastest pace in four months as domestic demand strengthens, a survey showed yesterday.
The HSBC Flash China Manufacturing Purchasing Managers’ Index, slated toward private and export-oriented firms and the earliest available indicator of China’s industrial sector, posted 50.1 in February, an increase from January’s final reading of 49.7, according to HSBC and research firm Markit.
The figure indicated factory activities grew as the reading was higher than the demarcation line of 50, which separates growth from contraction.
But economists cautioned that the turnaround doesn’t mean the economy was stabilizing.
Qu Hongbin, chief economist for China at HSBC, said the components showed domestic demand firmed while new export orders shrank for the first time since April 2014.
The sub-indices showed production recovered to a five-month high of 50.8 in February from 50.3 in January, alongside a rapid rise in new orders. But new export orders fell to 47.1 this month, reflecting rising uncertainties in external demand.
Chang Jian, an economist at Barclays, said that although the reading was better than expected, there were still several worrying signs in the economy.
“Real interest rates remain elevated due to falling inflation, and liquidity conditions continue to be tight,” Chang said.
Chang predicted China may cut benchmark interest rates twice by 0.25 percentage points each time in the first half of this year.
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