▲ Up
 
19:44 11-12-2016
MAIN АКИpress CA-News
About us On-line subscription
KazakhstanKyrgyzstanMongoliaTajikistanTurkmenistanUzbekistanWorld
POLITICSBUSINESSINCIDENTSSOCIETYCULTURESPORTANALYSISSCIENCE
Survey: China Manufacturing at 27-Month High
11:38, 01 August 2014, 615

AKIPRESS.COM - China's factories posted their strongest growth in at least 1-1/2 years in July as new orders surged to multi-month highs, two surveys showed on Friday, cementing bets that the economy is re-gaining momentum after a spate of stimulus measures.

The official Purchasing Managers' Index (PMI) issued by the government climbed to a 27-month high of 51.7 in July, beating forecasts for 51.4.

A separate PMI published by HSBC/Markit also rose to 51.7, its best performance in 18 months.

A reading above 50 indicates an expansion in activity on a monthly basis, and below that a contraction.

Analysts welcomed the data as a sign that the world's second-biggest economy is enjoying a revival after a rocky spell prompted authorities to launch a volley of support measures, including increasing bank lending to spur growth.

Now that looser monetary policy is having its intended effect, some analysts questioned the need for more economic stimulus in China, at least in the near term.

"There is no reason in China to be concerned about growth right now," said Julian Evans-Pritchard, an economist at Capital Economics. "It's a good time for policymakers to step back from stimulus and concentrate on reforms."

Both surveys showed that the rebound in manufacturing was led by firmer domestic demand as new orders -- a proxy for domestic and overseas demand -- rose more sharply than new export orders.

The official PMI showed new orders jumped to 53.6 from June's 52.8, the best reading since May 2012. The HSBC/Markit PMI also showed the new orders sub-index jumping nearly two points to 53.3, a level last seen in March 2013.

Worried by a slowdown in the economy in the first quarter, China began easing policy in April by cutting taxes, hastening investment, and lowering the reserve requirement for some banks.

Bank lending, which is controlled by the government, is expected this year to hit levels unseen since the 2008/09 global financial crisis.

All of this should help China sustain its economic recovery, said Qu Hongbin, an analyst at HSBC.

"We expect the cumulative impact of these measures to filter through in the next few months and help consolidate the recovery,” he said.


Twitterfacebookprint
LATEST NEWS
18:30 Referendum in Kyrgyzstan declared valid as turnover exceeds required minimum of 30%17:16 Voter turnout in referendum as of 4 PM was 28%17:03 Blast near Cairo Coptic cathedral kills at least 2216:00 Erdogan postpones trip to Kazakhstan over Istanbul terrorist attack15:59 Turkey says Kurdish militants may be behind soccer bombing that killed 3815:10 Voter turnout in referendum as of 1 PM was 13.79%15:00 Atambayev offers condolences to Turkey over bombing, condemns terrorism14:45 Atambayev on disputed territories: "Each centimeter of Kyrgyzstani land is crucial"14:00 Atambayev casts ballot in referendum and local council vote13:30 Atambayev comments on his previous comment on Russian military base in Kyrgyzstan13:00 Atambayev: "Kyrgyzstan would achieve a lot in presidential system during 5 years, but we must not give up on chosen path of parliamentary country"12:22 Atambayev: "So far, we see that SDPK and Respublika parties making to Bishkek city council"12:05 Kyrgyz referendum voter turnout was 3.35% as of 10 AM11:50 "I pray to God we exceed 30% referendum validity threshold," says Atambayev11:01 Twin bombing outside Istanbul soccer stadium kills 29, wounds 16610:30 Kyrgyzstan votes in landmark constitutional referendum17:00 Watch young Nazarbayev being sworn in as president of Kazakhstan for the first time16:47 85 journalists accredited to cover constitutional referendum and local council elections in Kyrgyzstan16:35 Tajik FM meets with Austrian, U.S., Afghanistan colleagues15:26 Kyrgyzstan, Finland discuss cooperation
Astana
-3° C
Ashgabat
+12° C
Bishkek
+1° C
Dushanbe
+2° C
Tashkent
+7° C
Ulaanbaatar
-16° C
exchange rates
 
73.52
69.24
10.03
1.09
355.17
334.31
48.44
5.31
6.85
6.26
1.01
0.12
3286.53
2888.39
446.81
42.81
3.70
3.50
0.51
0.06

© AKIpress News Agency - 2001-2016. All rights reserved
Republication of any material is prohibited without a written agreement with AKIpress News Agency. Any citation must be accompanied by a hyperlink to akipress.com.
Our address:
Moskovskaya str. 189, Bishkek, the Kyrgyz Republic
e-mail: english@akipress.org, akipressenglish@gmail.com;
Tel/Fax: +996(312)90-07-75