|Xinhua File Photo
BEIJING, Dec. 16 (Xinhua) -- China's manufacturing activity expanded in December, but growth slowed to a three-month low, according to HSBC'S preliminary purchasing managers' index (PMI) released on Monday.
The HSBC flash manufacturing PMI for December eased to 50.5, compared to 50.8 in November and 50.9 in October. However, the figure still remained above the boom-bust line of 50, HSBC said in a report.
Growth in the new order and new export order sub-indices increased at a faster pace, while employment decreased at a faster rate compared with the preceding month, it said.
According to Qu Hongbin, chief China economist with HSBC, the December HSBC flash manufacturing PMI reading slowed marginally from November's final reading, but stands above the average reading for the third quarter, "implying that the recovering trend of the manufacturing sector starting from July still holds up."
"We expect China's GDP growth to stabilize at around 7.8 percent in the fourth quarter," Qu said.
After the release of the data, the benchmark Shanghai Composite Index fell 1.43 percent to end the morning session at 2,164.75. The Shenzhen Component Index declined 1.53 percent to close at 8,301.11.
China Dec. flash PMI rises
BEIJING, Dec. 16 (Xinhuanet) -- The first piece of economic data for November shows manufacturing activity eased in the month. The flash HSBC purchasing manager’s index fell to 50.4 from October’s 50.9, mainly due to shrinking new export orders.
Still, it is the fifth month the figure has remained above 50 -- which marks expansion. HSBC economist Qu Hongbin said the moderated PMI was due to weakness in new export orders and slower restocking. He added the muted inflationary pressures should give the government room to keep policies accommodative. China has made it clear that it would accept slower growth while it pushes ahead with economic reforms. Full story
China's non-manufacturing PMI drops in November
BEIJING, Dec. 3 (Xinhua) -- The purchasing managers index (PMI) for China's non-manufacturing sector stood at 56 percent in November, down from 56.3 percent for October, according to official data released on Tuesday.
A PMI reading above 50 percent indicates expansion, while a reading below 50 percent indicates contraction. Full story