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China's manufacturing activity contracts for 1st time in 6 months
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CHINA’S manufacturing activity contracted for the first time in six months in January, a preliminary survey showed today.
The HSBC Flash China Manufacturing Purchasing Managers' Index, the earliest available indicator of China's industrial sector's vitality, dropped to 49.6 in January from December's final index of 50.5, according to HSBC Holdings plc and research firm Markit.
A reading below 50 means contraction, and the latest figure registered the fourth straight month of decline.
Qu Hongbin, chief economist for China at HSBC and co-head of its Asian Economic Research, said it was mainly dragged down by cooling domestic demand.
"This implies softening growth momentum for manufacturing sectors, which has already weighed on employment growth," Qu said.
He suggested the policy focus should tilt towards supporting growth to avoid repeating growth deceleration seen in the first half of last year.
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