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Surveys show mixed China manufacturing picture
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An official survey showed today that China's manufacturing activity strengthened surprisingly in July, but another index fell to its lowest in nearly a year.
The official Purchasing Managers' Index, a comprehensive gauge of operating conditions in China's state-owned industrial companies, increased to 50.3 last month, the China Federation of Logistics and Purchasing said. The figure is higher than June's 50.1.
A reading above 50 means expansion, and July was the 10th consecutive month in which the index was above this level.
Lian Ping, chief economist at the Bank of Communications, said the index rebound, though small, indicates that the manufacturing sector is less likely to weaken further.
But Zhou Hao, an economist at Australia & New Zealand Banking Group Ltd, said it does not change his overall assessment of the deteriorating economy.
"The higher official PMI may reflect some policy measures enacted in certain large enterprises," Zhou said. "But it does not match some other indicators, and we question how accurate this indicator is."
To mention, the HSBC PMI, which gauges conditions in private and export-oriented manufacturers, posted 47.7 in July, an 11-month low and down from June's 48.2.
Qu Hongbin, chief economist for China at HSBC Holding Plc, said weak demand from both domestic and external markets led to a cooling manufacturing sector, which in turn weighed on employment.
"Yet this has prompted China to introduce more fine-tuning measures, from tax breaks for small companies to more spending on public housing, railway, energy saving and IT infrastructure areas. These targeted measures should boost confidence and reduce downside risks to growth," Qu said.
China's economy will continue to grow at a steady pace in the second half of this year despite extremely complicated domestic and international conditions, the central government said on Tuesday.
The judgment was made after China reported a growth rate of 7.5 percent in the second quarter, which slowed further from the pace of 7.7 percent in the first three months.
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