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Manufacturing contracts at private, export-oriented companies, survey shows
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MANUFACTURING activity in China's private and export-oriented companies contracted for the second straight month in January, a survey showed today.
But unlike their state-owned counterparts, private and export-oriented industrial companies reported a slightly improved performance.
The HSBC Purchasing Managers' Index, an indicator of operating conditions in the industrial sector weighing towards private and export-oriented firms, landed at 49.7 last month, up from 49.6 in December but lower than the earlier flash reading of 49.8, according to HSBC and research firm Markit. A reading below 50 means contraction.
In comparison, the official PMI, compiled by the National Bureau of Statistics and the China Federation of Logistics and Purchasing, fell to a 28-month low of 49.8 in January, suggesting contracted activity in state-owned manufacturing companies as well.
Qu Hongbin, chief economist for China at HSBC, said although private and export-oriented firms still registered growing new orders, they saw downward revisions from the earlier flash reading.
"We think demand in the manufacturing sector remains weak, and more aggressive monetary and fiscal easing measures will be needed to prevent another sharp slowdown in growth," Qu said.
January is a traditionally slow season for industrial activity due to the New Year's Day holiday and the coming Chinese New Year. But this year, seasonal factors weighed favorably for January because the Chinese New Year won't come until February. It was in late January last year. The failure to realize the favorable seasonal factor indicated an even larger downward pressure on the economy than the readings suggested on their face value, said Zhou Hao, an economist at Australia & New Zealand Banking Group Ltd.
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