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Private and export manufacturing grows at slightly slower pace
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CHINA’S manufacturing activity in private and export-oriented firms grew at a slightly slower pace in November, compared with the unchanged performance in state-owned enterprises, a survey showed this morning.
The HSBC Purchasing Managers’ Index, which measures operating conditions in largely private companies, registered 50.8 in November, up slightly from the earlier flash reading of 50.4 but weakening a bit from 50.9 in October, according to HSBC Holdings Plc.
A reading above 50 means expansion.
The official Purchasing Managers’ Index, released on Sunday by the China Federation of Logistics and Purchasing, stayed the same at 51.4 in November as in October.
Qu Hongbin, chief economist for China at HSBC, said China’s manufacturing sector kept relatively steady growth momentum as the final manufacturing PMI was better than the flash reading on the back of faster new business gains.
“However, the renewed contraction of employment and the slower pace of restocking activities call for a continuation of accommodative policy,” Qu said. “The modest inflationary pressures leave room to do so.”
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