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23 Sep 2013

China growth continues

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Manufacturing conditions in China continued to improve in September, according to the HSBC Flash China Purchasing Managers’ Index™ (PMI™). The headline figure rose to a six-month high of 51.2, from 50.1 in August.

Businesses reported that new orders and backlogs of work increased. New export orders also rose, reversing the trend of recent months. Manufacturers raised prices as average input costs continued to increase. However, employment levels fell, albeit at a slower rate.

The HSBC Flash China Manufacturing PMI™ rose to a six-month high in September, adding further evidence to China’s ongoing growth rebound

Qu Hongbin,
Chief Economist for Greater China, HSBC

Qu Hongbin, Chief Economist for Greater China and Co-Head of Asian Economic Research, HSBC, said: “The HSBC Flash China Manufacturing PMI™ rose to a six-month high in September, adding further evidence to China’s ongoing growth rebound. The firmer footing was supported by simultaneous improvements of external and domestic demand conditions. We expect a more sustained recovery as the further filtering through of fine-tuning measures should lift domestic demand. This will create more favourable conditions to push forward reforms, which should in turn boost mid and long-term growth outlooks.”

The Flash China Manufacturing Output Index also improved, rising to a five-month high of 51.1, from 50.9 in August.

The Flash PMI™ is based on a survey of purchasing executives in China. An index figure above 50 signals expansion, while below 50 signals contraction.

The full PMI™ is due on 30 September.

The intellectual property rights to the HSBC Flash China Manufacturing PMI™ provided herein is owned by Markit Economics Limited. Any unauthorised use, including but not limited to copying, distributing, transmitting or otherwise of any data appearing is not permitted without Markit's prior consent. Markit shall not have any liability, duty or obligation for or relating to the content or information ("data") contained herein, any errors, inaccuracies, omissions or delays in the data, or for any actions taken in reliance thereon. In no event shall Markit be liable for any special, incidental, or consequential damages, arising out of the use of the data. Purchasing Managers' Index™ and PMI™ are trade marks of Markit Economics Limited, HSBC use the above marks under license. Markit and the Markit logo are registered trade marks of Markit Group Limited.

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