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| China's manufacturing activity hits six-month high | China's manufacturing activity hits six-month high |
| (about 2 hours later) | |
| China's manufacturing activity increased to a six-month high in September in the latest sign that the world's second biggest economy is gradually recovering from a prolonged slowdown. | |
| The preliminary version of HSBC's purchasing managers' index (PMI) climbed to 51.2 from 50.1 in August. Numbers above 50 indicate an expansion in activity. | |
| The survey is another encouraging sign for China's leaders as they try to reverse a slowdown in which growth has fallen to a two-decade low of 7.5% in the latest quarter. The latest PMI adds to other recent indicators including improved trade, factory output and car sales, that suggests the slowdown is levelling out. | |
| HSBC's survey found output, new orders and work backlogs all increased at a faster rate during the month. New export orders also rose. | HSBC's survey found output, new orders and work backlogs all increased at a faster rate during the month. New export orders also rose. |
| "The firmer footing was supported by simultaneous improvements of external and domestic demand conditions," said Qu Hongbin, the bank's chief economist in China. | |
| The upbeat report on the country's manufacturing industry gives the government further breathing room as it tries to shift focus from reviving the economy to longer-term structural reforms that analysts say are needed to maintain robust growth. | |
| China's leaders responded to the unexpectedly sharp slowdown earlier this year with targeted measures such as higher spending on railway construction and tax cuts for businesses. But they have resisted appeals for more broad-based stimulus as they try to nurture more self-sustaining growth driven by domestic consumption rather than trade and investment. | China's leaders responded to the unexpectedly sharp slowdown earlier this year with targeted measures such as higher spending on railway construction and tax cuts for businesses. But they have resisted appeals for more broad-based stimulus as they try to nurture more self-sustaining growth driven by domestic consumption rather than trade and investment. |
| Qu said he expected a more sustained recovery as the effects of recent "fine-tuning measures" introduced by the government start to filter through and lift economic demand. | |
| "This will create more favourable conditions to push forward reforms, which should in turn boost mid- and long-term growth outlooks," he said. | "This will create more favourable conditions to push forward reforms, which should in turn boost mid- and long-term growth outlooks," he said. |
| The HSBC report is based on 85-90% of responses from 420 purchasing executives. The full report is due on 30 September. | The HSBC report is based on 85-90% of responses from 420 purchasing executives. The full report is due on 30 September. |
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