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PMI growth dips to slowest pace in 7 months
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CHINA'S manufacturing sector grew at its slowest pace in seven months in November, reinforcing concerns about economic stability in the world's second-largest economy.
The official Purchasing Managers' Index, a comprehensive gauge of operating conditions in large industrial companies, fell to 50.3 in November, down 0.5 points from a month earlier, the National Bureau of Statistics and the China Federation of Logistics and Purchasing said today.
While a reading above 50 indicates expansion, the November figure was the fourth consecutive month of weaker growth and the lowest since March.
Zhao Qinghe, a researcher at the statistics bureau, said slower growth in manufacturing was in part due to enhanced efforts to control excess industrial capacity by closing inefficient factories or plants that discharge too much pollution.
The sub-indexes sent alarming signals. Production fell 0.6 points from October to 52.5, new orders dropped 0.7 points to 50.9, and employment slid 0.2 points to 48.2.
The disappointing PMI figure came after earlier data showed profit at industrial companies dropped 2.1 percent from a year earlier in October, the worst in more than two years and a reverse of September's 0.4 percent gain.
Meanwhile, the HSBC China Manufacturing Purchasing Managers' Index, weighted toward private and export-oriented manufacturers, landed at 50 in November, a six-month low and down from 50.4 in October, according to HSBC and research firm Markit.
To support growth, the People's Bank of China last month lowered the benchmark interest rate for one-year deposits by 25 basis points and slashed the one-year lending rate by 40 basis points – the first such move since July 2012.
Qu Hongbin, chief economist for China at HSBC, said further easing policies are expected to offset sluggish domestic demand.
China's economy grew at 7.3 percent in the third quarter, the slowest pace in more than five years.
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