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HSBC Flash PMI grows to highest in 7 month
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CHINA'S manufacturing activity expanded at the fastest pace in seven months in October on the back of broad economic improvement, a survey showed this morning.
The HSBC Flash China Manufacturing Purchasing Managers' Index, the earliest available indicator of China's industrial sector's vitality, rose to 50.9 in October from September's final reading of 50.2. A reading above 50 means expansion.
Qu Hongbin, chief economist for China and co-head of Asian Economic Research at HSBC, said the latest index implied that China's growth recovery was becoming consolidated in the fourth quarter following the bottoming out in the third quarter.
"This momentum is likely to continue in the coming months, creating favorable conditions for speeding up structural reforms," Qu said.
China's gross domestic product growth accelerated to 7.8 percent in the third quarter, up from the increase of 7.5 percent in the second quarter.
In the first three quarters, industrial production expanded 9.6 percent year on year, quickening from the pace of 9.3 percent in the first half, according to the National Bureau of Statistics.
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