01 May 2012 06:54 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Purchasing Managers’ Index (PMI) rose to 53.3% in April, up 0.2 percentage points from March, indicating that China’s economy is stabilising and improving, official data showed on Tuesday.
This is the fifth consecutive month that China’s PMI has stayed above the 50% threshold, according to a statement by China Federation of Logistics and Purchasing (CFLP).
The PMI slipped into contraction mode in November 2011 with a reading of 49%, but rose to 50.3% in December.
“The April PMI is rising further, but the growth is smaller, which signals that China’s economy is obviously stabilising,” CFLP analyst Zhang Liqun said in the statement.
The new orders sub-index for April fell by 0.6 percentage points from March to 54.5%, while the production sub-index rose 2 percentage points from March to 57.2%, according to CFLP.
The new export orders sub-index edged up 0.3 percentage points to 52.2% compared with March, the official data showed.
The sub-index for raw material stocks dropped one percentage point to 48.5% in April and the purchasing price sub-index fell 1.1 percentage points to 54.8% in April, CFLP said.
Of the 21 industries surveyed for the PMI, 16 are at above 50%, indicating that the manufacturing industry is improving across the board.
China’s PMI is based on a survey of 820 manufacturers. A PMI reading above 50% indicates an expansion, while a reading below 50% means a contraction.
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