ecns [expanded by feedex.net]: Industrial activities remain at high level

ecns [expanded by feedex.net]

ecns

Industrial activities remain at high level
http://www.ecns.cn/business/2013/12-02/90850.shtml
Dec 2nd 2013, 01:51



2013-12-02 10:51 Shanghai Daily Web Editor: qindexing


China's manufacturing activity remained at its highest level since May 2012 for the second straight month in November, an indicator of stabilizing growth in the world's second-largest economy.


The official Purchasing Manager's Index, a comprehensive gauge of operating conditions in industrial companies around the country, was unchanged from October at 51.4, the China Federation of Logistics and Purchasing said yesterday.


November was also the 14th consecutive month that saw the reading stand above 50, or in expansion, federation data showed.


"Following a four-month continuous rebound since July, the gauge entered into a stationary phase in November, a signal that China's manufacturing activities are climbing up steadily," said Chen Zhongtao, an analyst with the federation. "Notably, production at a majority of industries is seeing a rebound with those in the pharmaceutical, auto, computer, telecommunications and some other segments maintaining an above-average growth rate."


Production rebounded for the fifth straight month to 54.5 in November, the highest since May 2012.


New orders, meanwhile, fell 0.2 points to 52.3 and input prices dropped 0.8 point to 52.5.


"Production rose to a 19-month high in November, providing a backup for sustained improvement in operating conditions for manufacturing companies," said Zhao Qinghe, a senior statistician at the National Bureau of Statistics. "However, the gauge needs further impetus to consolidate its growth momentum despite the overall improving environment registered for the moment."


The inventory of raw materials declined to 47.8 from 48.6 in the previous month while finished goods inventory gained 2.3 points to 47.9.


This shows that Chinese producers are not rushing to hoard raw materials due to a lack of final demand, an indication of a cautious view of the outlook for the economy, ANZ said in a report released yesterday.


China's gross domestic product expanded by 7.7 percent in the first nine months, which is higher than the government's full-year target of 7.5 percent.


GDP growth in the third quarter accelerated to 7.8 percent from 7.5 percent in the second, NBS data showed.





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