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30 Sep 2013

China makes slow progress

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China’s manufacturing sector grew for the second consecutive month, according to the HSBC China Manufacturing Purchasing Managers’ Index™. The headline figure rose to 50.2 in September from 50.1 in August.

Growth is bottoming out on Beijing’s mini-stimulus. We expect continuous policy efforts to sustain the recovery

Qu Hongbin, Chief Economist for Greater
China, HSBC

The figure was just above the key level of 50, which signifies the difference between an industry contracting or expanding. However it was revised down sharply from the 51.2 reported for the Flash PMI™ on 23 September.

The recovery remains lacklustre. Manufacturers reported that output growth eased to a marginal pace and order books expanded only slightly for the second successive month. However, new export orders increased, ending a five-month sequence of reduction. Purchasing activity rose modestly on the back of new order growth, but employment levels declined, and for the sixth month in a row.

Qu Hongbin, Chief Economist for Greater China and Co-Head of Asian Economic Research, HSBC, said: “Growth is bottoming out on Beijing’s mini-stimulus. We expect continuous policy efforts to sustain the recovery.”

The October Flash PMI™ for China is due for release on 24 October 2013.

The intellectual property rights to the HSBC 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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