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September PMI may contract on weak external demand
By Wang Yanlin |
September 22, 2011, Thursday
|
Online Edition
Online Edition
CHINA'S manufacturing activities in September may contract further due to weakening external demand, a preliminary reading for the HSBC Purchasing Managers' Index showed today.
The HSBC Flash PMI, the earliest available indicator of the industrial sector's operating conditions, came in at 49.4 in September - down from the final HSBC PMI of 49.9 in August.
A reading below 50 indicates contraction and at the current rate September looks set to become the third consecutive month for the index to fall below 50.
"This is a similar moderating growth picture as in the previous two months," said Qu Hongbin, chief economist for China at HSBC. "External demand weakened a little but official trade data still show solid export growth."
Qu said China has become less dependent on net exports, which had a near-zero contribution to the economy in the first half.
"Resilient domestic demand is sufficient to support around 8.5 to 9 percent growth in the coming quarters, so fears of a hard landing are unwarranted," Qu said.
China's manufacturing activities exhibited unexpected improvement last month with this HSBC index rebounding from July's 49.3. The improvement was thanks to prospects of no more tightening measures in China.
The HSBC Flash PMI, the earliest available indicator of the industrial sector's operating conditions, came in at 49.4 in September - down from the final HSBC PMI of 49.9 in August.
A reading below 50 indicates contraction and at the current rate September looks set to become the third consecutive month for the index to fall below 50.
"This is a similar moderating growth picture as in the previous two months," said Qu Hongbin, chief economist for China at HSBC. "External demand weakened a little but official trade data still show solid export growth."
Qu said China has become less dependent on net exports, which had a near-zero contribution to the economy in the first half.
"Resilient domestic demand is sufficient to support around 8.5 to 9 percent growth in the coming quarters, so fears of a hard landing are unwarranted," Qu said.
China's manufacturing activities exhibited unexpected improvement last month with this HSBC index rebounding from July's 49.3. The improvement was thanks to prospects of no more tightening measures in China.
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