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March PMI surges 53.4%, fastest in 4 months
By Wang Yanlin |
April 1, 2011, Friday
|
Online Edition
Online Edition
THE index measuring Chinese manufacturing activities grew faster in March, the first time in four months, on the back of China's solid economic growth. But analysts warned the pace may slow down again due to ripple effects of Japan's earthquake and nuclear crisis.
The official Purchasing Managers Index, a comprehensive gauge of industrial activities across the country, increased by 1.2 percentage points to 53.4 percent in March, the China Federation of Logistics and Purchasing said today.
The rise came after three consecutive cutbacks since last November due to China's tightening monetary policies. A reading above 50 percent points to an expansion.
"This rebound shows the continued strength of China's resilient economy," said Yao Wei, an economist at Societe Generale.
To minimize monthly seasonality, Yao suggested market watchers to look at the first quarter as a whole.
The PMI averaged 52.8 percent in the first three months, which indicated the gross domestic product may settle at between 9.5 percent and 9.7 percent through March, Yao said.
Another encouraging spot was the component inflation index also decelerated for the first time in four months. It stood at 68.3 percent in March, still comparatively high but at least 1.8 percentage points down from February, thanks to the effect of China's tightening policies.
Alex Malley, chief executive officer of CPA Australia, said it may be not a bad thing to have inflation. The key is how to manage it.
"Inflation indicates the energy of an economy," Malley said yesterday in Shanghai. "Policymakers can use more tightening measures to contain inflation and make it helpful for a healthy economic growth."
China has lifted the reserve requirement ratio, or the amount of money banks must set aside as reserves, three times this year, together with an interest rate raise.
The official Purchasing Managers Index, a comprehensive gauge of industrial activities across the country, increased by 1.2 percentage points to 53.4 percent in March, the China Federation of Logistics and Purchasing said today.
The rise came after three consecutive cutbacks since last November due to China's tightening monetary policies. A reading above 50 percent points to an expansion.
"This rebound shows the continued strength of China's resilient economy," said Yao Wei, an economist at Societe Generale.
To minimize monthly seasonality, Yao suggested market watchers to look at the first quarter as a whole.
The PMI averaged 52.8 percent in the first three months, which indicated the gross domestic product may settle at between 9.5 percent and 9.7 percent through March, Yao said.
Another encouraging spot was the component inflation index also decelerated for the first time in four months. It stood at 68.3 percent in March, still comparatively high but at least 1.8 percentage points down from February, thanks to the effect of China's tightening policies.
Alex Malley, chief executive officer of CPA Australia, said it may be not a bad thing to have inflation. The key is how to manage it.
"Inflation indicates the energy of an economy," Malley said yesterday in Shanghai. "Policymakers can use more tightening measures to contain inflation and make it helpful for a healthy economic growth."
China has lifted the reserve requirement ratio, or the amount of money banks must set aside as reserves, three times this year, together with an interest rate raise.
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