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HSBC flash PMI rises to 18-month high
http://www.ecns.cn/business/2014/07-24/126057.shtml
Jul 24th 2014, 08:04
2014-07-24 17:04 Shanghai Daily Web Editor: Si Huan
China's manufacturing sector may have delivered its best performance in 18 months in July as demand recovered at both home and abroad, a survey showed.
The HSBC Flash China Manufacturing Purchasing Managers' Index, the earliest available indicator of China's industrial sector, rose to an 18-month high of 52 in July, up from June's final reading of 50.7, according to HSBC Holdings plc and research firm Markit.
A reading above 50 means expansion. It was the second straight month the index was above 50.
Qu Hongbin, chief economist for China at HSBC, said both new orders and new export orders expanded at a faster pace than in June, while employment and prices also improved.
"Economic activity continued to get better in July, suggesting the cumulative impact of mini stimulus measures introduced earlier are still filtering through," Qu said. "We expect policymakers to maintain their accommodative stance over the next few months to consolidate the recovery."
China's gross domestic product expanded 7.5 percent in the second quarter, rising from 7.4 percent in the first three months and confirming the economy is stabilizing, according to the National Bureau of Statistics.
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