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HSBC puts April PMI at 49.3 while official PMI is 53.3
By Wang Yanlin |
May 2, 2012, Wednesday
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Online Edition
Online Edition
CHINA'S manufacturing activities in private and export-oriented companies continued to contract in April, albeit improving from a month earlier, an HSBC survey showed this morning.
The HSBC Purchasing Managers' Index, a composite indicator of operating conditions in China's manufacturing sector, stood at 49.3 last month, up from 48.3 in March.
A reading under 50 means contraction.
In comparison, the official Purchasing Managers' Index, compiled by the China Federation of Logistics and Purchasing, reached a 13-month high of 53.3 in April, indicating increased activities in large state-owned enterprises.
The HSBC survey is slanted more towards private and export-oriented companies, while the official one is weighted more towards major state-owned enterprises.
Qu Hongbin, chief economist for China at HSBC, said the upward PMI reading in April confirmed that the pace of China's slowdown has stabilized.
"The 8.1 percent GDP growth in the first quarter is likely to be the cyclical trough," Qu said. "As easing measures are taking effects and additional stimuli are on the way in the light of accommodative inflation outlook in the coming months, we expect the nation's GDP growth to bottom out in the second quarter and recover modestly to over 8.5 percent in the second half of this year."
The HSBC Purchasing Managers' Index, a composite indicator of operating conditions in China's manufacturing sector, stood at 49.3 last month, up from 48.3 in March.
A reading under 50 means contraction.
In comparison, the official Purchasing Managers' Index, compiled by the China Federation of Logistics and Purchasing, reached a 13-month high of 53.3 in April, indicating increased activities in large state-owned enterprises.
The HSBC survey is slanted more towards private and export-oriented companies, while the official one is weighted more towards major state-owned enterprises.
Qu Hongbin, chief economist for China at HSBC, said the upward PMI reading in April confirmed that the pace of China's slowdown has stabilized.
"The 8.1 percent GDP growth in the first quarter is likely to be the cyclical trough," Qu said. "As easing measures are taking effects and additional stimuli are on the way in the light of accommodative inflation outlook in the coming months, we expect the nation's GDP growth to bottom out in the second quarter and recover modestly to over 8.5 percent in the second half of this year."
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