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Liquidity easing shows effects in China manufacturing index
By Wang Yanlin |
September 20, 2012, Thursday
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Online Edition
Online Edition
CHINA'S renewed efforts to invigorate the economy appeared to be paying off as a preliminary reading of the HSBC Purchasing Managers' Index, a gauge of the nation's manufacturing activity, rebounded to a two-month high in September.
The HSBC Flash PMI, the earliest available indicator of China's industrial activity, rose to 47.8 this month from August's 47.6, HSBC said this morning.
The index is slanted more towards private and export-oriented firms. A reading under 50 means contraction.
Qu Hongbin, chief economist for China at HSBC, said that although China's manufacturing growth is still slowing, the pace of slowdown has stabilized.
"The lackluster manufacturing activity in September was due to weak new business flows and a longer-than-expected destocking process," Qu said. "This is adding more pressure to the labor market and prompted China to step up easing over the past weeks. The recent easing measures should result in modest improvement in the fourth quarter and onwards."
China's gross domestic product expanded 7.6 percent from a year earlier in the second quarter, the slowest pace in three years, which led the government to expedite investment approvals and increase liquidity through the practice of repos.
Last week, China promised faster return of export tax rebates, more loans to exporters and wider coverage of export credit insurance, in a bid to offset falling demand in external markets.
The HSBC Flash PMI, the earliest available indicator of China's industrial activity, rose to 47.8 this month from August's 47.6, HSBC said this morning.
The index is slanted more towards private and export-oriented firms. A reading under 50 means contraction.
Qu Hongbin, chief economist for China at HSBC, said that although China's manufacturing growth is still slowing, the pace of slowdown has stabilized.
"The lackluster manufacturing activity in September was due to weak new business flows and a longer-than-expected destocking process," Qu said. "This is adding more pressure to the labor market and prompted China to step up easing over the past weeks. The recent easing measures should result in modest improvement in the fourth quarter and onwards."
China's gross domestic product expanded 7.6 percent from a year earlier in the second quarter, the slowest pace in three years, which led the government to expedite investment approvals and increase liquidity through the practice of repos.
Last week, China promised faster return of export tax rebates, more loans to exporters and wider coverage of export credit insurance, in a bid to offset falling demand in external markets.
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