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Oct PMI shows China manufacturing expanding
By Ye Zhen |
November 1, 2012, Thursday
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Online Edition
Online Edition
CHINA'S manufacturing activity expanded in October after two months of contraction, indicating a recovery of the national economy, a survey showed today.
The official Purchasing Managers' Index, a gauge of manufacturing activity slanted more towards state-owned firms, rose to 50.2 in October, up from 49.8 in September and 49.2 in August, the China Federation of Logistics and Purchasing announced today.
It's the first time since July the index climbed above the 50 mark that demarcates expansion from contraction. The figure is generally in line with market expectation and adds to signs that China's economy is regaining momentum.
"The PMI returned to the territory of expansion last month, suggesting the trend of stabilization and recovery in China's economy has consolidated," said Cai Jin, deputy director of the CFLP. Cai expects a modest economic recovery in the fourth quarter.
All the sub-indexes registered gains except the backlog order index. The production index added 0.8 points to 52.1 while the new order index, which reflects the demand, rose 0.6 points to 50.4, reaching 50 for the first time since May.
"The sub-indexes including new orders, export orders and purchase quantity continued to pick up, implying the de-stocking process by enterprises is almost over," said Zhang Liqun, a researcher with the Development Research Centre of the State Council, China's cabinet.
However, Lu Zhengwei, chief economist at China's Industrial Bank, warned about risk in the sustainability of production scale as the backlog order index, a reference on future production, is still weak.
Meanwhile, a HSBC report also noted improving conditions of the country's private and export-oriented manufacturers. HSBC's China Purchasing Managers' Index rose to an eight-month high of 49.5, from 47.9 in September, HSBC Holdings PLC announced today.
October's data confirmed a steady stabilization thanks to the filtering-through of earlier easing measures but exporters' outlook remained challenging, said Qu Hongbin, HSBC's chief economist for China.
"We expect further policy easing to boost domestic demand and offset weak external demand so as to achieve a gradual growth recovery in the coming quarters," Qu said.
The official Purchasing Managers' Index, a gauge of manufacturing activity slanted more towards state-owned firms, rose to 50.2 in October, up from 49.8 in September and 49.2 in August, the China Federation of Logistics and Purchasing announced today.
It's the first time since July the index climbed above the 50 mark that demarcates expansion from contraction. The figure is generally in line with market expectation and adds to signs that China's economy is regaining momentum.
"The PMI returned to the territory of expansion last month, suggesting the trend of stabilization and recovery in China's economy has consolidated," said Cai Jin, deputy director of the CFLP. Cai expects a modest economic recovery in the fourth quarter.
All the sub-indexes registered gains except the backlog order index. The production index added 0.8 points to 52.1 while the new order index, which reflects the demand, rose 0.6 points to 50.4, reaching 50 for the first time since May.
"The sub-indexes including new orders, export orders and purchase quantity continued to pick up, implying the de-stocking process by enterprises is almost over," said Zhang Liqun, a researcher with the Development Research Centre of the State Council, China's cabinet.
However, Lu Zhengwei, chief economist at China's Industrial Bank, warned about risk in the sustainability of production scale as the backlog order index, a reference on future production, is still weak.
Meanwhile, a HSBC report also noted improving conditions of the country's private and export-oriented manufacturers. HSBC's China Purchasing Managers' Index rose to an eight-month high of 49.5, from 47.9 in September, HSBC Holdings PLC announced today.
October's data confirmed a steady stabilization thanks to the filtering-through of earlier easing measures but exporters' outlook remained challenging, said Qu Hongbin, HSBC's chief economist for China.
"We expect further policy easing to boost domestic demand and offset weak external demand so as to achieve a gradual growth recovery in the coming quarters," Qu said.
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