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Higher PMI figures show economy is stabilizing
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CHINA'S manufacturing sector delivered its best performance this year in June as growth stabilized in the world's second-largest economy due to stimulus measures and stronger demand, two surveys showed today.
The official Purchasing Managers' Index, a comprehensive gauge of operating conditions in state-owned industrial enterprises, increased to 51 in June from 50.8 in May, the China Federation of Logistics and Purchasing said.
Meanwhile, the HSBC Purchasing Managers' Index, which is slanted towards private and export-oriented manufacturers, rose to 50.8 in June, up from 49.4 a month earlier, according to HSBC Holdings plc and research firm Markit.
A reading above 50 means expansion. It was the first time both indices stayed above 50 since December.
Zhao Qinghe, a senior analyst at the National Bureau of Statistics, said the manufacturing sector has stabilized along with the country's economic performance.
"China has launched a lot of targeted stimulus measures this year," Zhao said. "They helped bolster growth, which was reflected in the latest PMI reading."
The components in the official PMI showed new orders reached 52.8, the highest since October. Production increased 0.2 percentage points from a month earlier to 53, the strongest among all sub-indices.
Qu Hongbin, chief economist for China at HSBC, said the readings confirmed the trend of stronger demand and faster destocking.
"The economy continues to show more signs of recovery and this momentum will likely extend into the next few months, supported by more infrastructure investments," Qu said.
But he warned there were still downside risks from a slowdown in the property market, which may put pressure on growth in the second half of this year.
"We expect both fiscal and monetary policy to remain accommodative until the recovery is sustained," Qu said.
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