Related News
Reports show SOE rebound while private firms, exporters shrink
By Wang Yanlin |
April 1, 2012, Sunday
|
Online Edition
Online Edition
MANUFACTURING activities in China's big state-owned enterprises seemed to regain strong growth momentum last month while those in private and export-oriented companies continued to deteriorate, two surveys showed today.
It was not the first time for the two surveys to have split results due to different samples and means of measurement.
The official Purchasing Managers' Index, a comprehensive gauge of manufacturing activities weighed towards large state-owned enterprises, rose to 53.1 in March, up 2.1 points from a month earlier and posting the biggest increase in more than one year, the China Federation of Logistics and Purchasing said.
To compare, the HSBC China Manufacturing Purchasing Managers' Index, which is slanted toward private and export-oriented companies, registered 48.3 last month, down from 49.6 in February and decreasing at the second-fastest pace in three years.
In both surveys, a reading of 50 separates expansion from contraction.
"The results of the official PMI comes as a surprise," Lu Ligang, an economist with Australia and New Zealand Banking Group Ltd, said in a note. "It shows China's manufacturing sector has a quicker-than-expected rebound from the slowdown during the Spring Festival holiday."
Liu said the index increase may delay more policy easing measures due to soothed concerns of a hard landing in the world's second-largest economy.
But private and export-oriented companies were in need of more supportive policies. It was the fifth successive month for results of the HSBC PMI to indicate deteriorations in China's manufacturing operating conditions.
Qu Hongbin, chief economist for China at HSBC, said the bank's survey confirmed a further slowdown of growth momentum, weighted on by weakening new export orders.
"As inflation pressures continue to ease, weaker export growth is likely to prompt easing measures," Qu said.
He still expected at least one reserve requirement ratio cut in the first half of this year and additional tax breaks and more fiscal spending.
It was not the first time for the two surveys to have split results due to different samples and means of measurement.
The official Purchasing Managers' Index, a comprehensive gauge of manufacturing activities weighed towards large state-owned enterprises, rose to 53.1 in March, up 2.1 points from a month earlier and posting the biggest increase in more than one year, the China Federation of Logistics and Purchasing said.
To compare, the HSBC China Manufacturing Purchasing Managers' Index, which is slanted toward private and export-oriented companies, registered 48.3 last month, down from 49.6 in February and decreasing at the second-fastest pace in three years.
In both surveys, a reading of 50 separates expansion from contraction.
"The results of the official PMI comes as a surprise," Lu Ligang, an economist with Australia and New Zealand Banking Group Ltd, said in a note. "It shows China's manufacturing sector has a quicker-than-expected rebound from the slowdown during the Spring Festival holiday."
Liu said the index increase may delay more policy easing measures due to soothed concerns of a hard landing in the world's second-largest economy.
But private and export-oriented companies were in need of more supportive policies. It was the fifth successive month for results of the HSBC PMI to indicate deteriorations in China's manufacturing operating conditions.
Qu Hongbin, chief economist for China at HSBC, said the bank's survey confirmed a further slowdown of growth momentum, weighted on by weakening new export orders.
"As inflation pressures continue to ease, weaker export growth is likely to prompt easing measures," Qu said.
He still expected at least one reserve requirement ratio cut in the first half of this year and additional tax breaks and more fiscal spending.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
