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Flash PMI indicates expansion on rising orders, output
By Wang Yanlin |
October 24, 2011, Monday
|
Online Edition
Online Edition
CHINA'S manufacturing activities may have rebounded into expansionary turf with a preliminary reading of the HSBC Purchasing Managers' Index jumping to a five-month high.
The HSBC Flash PMI, the earliest available indicator of the industrial sector's operating conditions released this morning, rose to 51.1 in October, up from the final reading of 49.9 in September.
A reading above 50 means expansion, while one below 50 points to a contraction of manufacturing activities.
"Thanks to the pick-up in new orders and output, the headline flash PMI rebounded back into expansionary territory during October, marking a steady start to manufacturing activities in the fourth quarter," said Qu Hongbin, chief economist for China at HSBC.
"Meanwhile, inflation components within the PMI results confirmed stable output prices growth and slower input price inflation. All the data confirm our view that there is no risk of a hard landing in China," Qu said.
China's industrial production last month quickened 0.3 percentage points from August, reversing a moderating trend and helping the third-quarter gross domestic product to remain at 9.1 percent.
Together with rising retail sales and stable investment, many economists have reckoned that China's economy is unlikely to slide into a recession as some developed countries may do.
The HSBC Flash PMI, the earliest available indicator of the industrial sector's operating conditions released this morning, rose to 51.1 in October, up from the final reading of 49.9 in September.
A reading above 50 means expansion, while one below 50 points to a contraction of manufacturing activities.
"Thanks to the pick-up in new orders and output, the headline flash PMI rebounded back into expansionary territory during October, marking a steady start to manufacturing activities in the fourth quarter," said Qu Hongbin, chief economist for China at HSBC.
"Meanwhile, inflation components within the PMI results confirmed stable output prices growth and slower input price inflation. All the data confirm our view that there is no risk of a hard landing in China," Qu said.
China's industrial production last month quickened 0.3 percentage points from August, reversing a moderating trend and helping the third-quarter gross domestic product to remain at 9.1 percent.
Together with rising retail sales and stable investment, many economists have reckoned that China's economy is unlikely to slide into a recession as some developed countries may do.
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