China's Manufacturing Growth Slows

Resource from: CBCC Likes:2886

May 05,2010

China's manufacturing growth slowed last month, suggesting government measures aimed at reining in the world's third-largest economy were bearing fruit, an independent survey showed yesterday. The HSBC China Manufacturing PMI, or purchasing managers' index, fell to 55.4 last month from 57 in March. The latest figure marked the 13th straight month of expansion but was the lowest reading in six months, the bank said. A reading above 50 means the sector is expanding, while that below 50 indicates an overall decline. HSBC chief economist Qu Hongbin said: "We see this as good news because it means that Beijing's policy tightening is starting to cool the overheated economy, which will help to contain inflationary risk in the coming quarters." A separate survey released by a government agency on Saturday showed that manufacturing activity had risen to 55.7 last month from 55.1 in March. HSBC's results were based on interviews with purchasing managers at more than 400 companies, while the survey by the China Federation of Logistics and Purchasing covered more than 700 firms.Both surveys showed a sharp increase in input prices, reflecting higher costs for raw materials such as cotton, oil and steel. On Sunday, Beijing announced fresh measures to rein in bank lending to calm inflationary pressures, including a 50-basis-point hike in the reserve requirement ratio to 17 per cent for large lenders that would kick in on May 10. China's shares fell to a seven-month low in response to the policy tightening when markets reopened yesterday after the Labour Day holiday on Monday. The benchmark Shanghai Composite Index ended down 1.2 per cent at 2,835.28, its lowest close since Sept 30 last year.

(CBCC)

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