China's Manufacturing Shrinks for Third Month in a Row

Resource from: CBCC Likes:2925

Jan 21,2009

China’s manufacturing contracted again in December according to the latest reading of the China Federation of Logistics and Purchasing’s Purchasing Managers’ Index, although the overall index was up slightly from the month before. The CFLP’s PMI index is based on a survey of more than 700 manufacturing firms across 20 industries. The December reading of 41.2 was up from November’s index, but a reading of under 50 shows contraction. “The December index shows China’s economy continues to decline, there are some signs of bottoming out,” says Zhang Liqun, an economist at the State Council Development and Research Center in a recent Bloomberg article. “As macroeconomic policies start to take effect, the pace of the slowdown will stabilize.” As the manufacturing in China has slowed, not surprisingly so has its exports, an issue that has the Chinese government concerned enough to change its taxes. According to the Associated Press, the CFLP’s index of new export orders stood at 30.7, indicating a severe contraction in exports. “Exports have only just started to shrink and it’s going to get worse,” said Wang Qian, an economist at JPMorgan Chase & Co. in Hong Kong. In an effort to increase its exports of finished metals, China will eliminate taxes on import of certain metal concentrates as well as end taxes on the export of some finished metals. Effective Feb. 1, China will no longer tax imports of copper, nickel and cobalt concentrate exports of the finished metals and aluminum products. China has also increased the tax rebates for exports of 533 hi-tech and machinery products from January 1, as part of its efforts to help exporters struggling amid the global economic meltdown, according to the CFLP.

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