01 April 2013 08:09 [Source: ICIS news]
SINGAPORE (ICIS)--The final HSBC Purchasing Managers' Index (PMI) for China rose to 51.6 in March, up from February’s 50.4, signalling a modest improvement as operating conditions in the country’s manufacturing sector improved for five consecutive months, the investment bank said on Monday.
This was marginally lower than its flash PMI for China at 51.7. A PMI reading at above 50% indicates expansion, whereas a reading below 50 means contraction.
Production levels in China rose for the fifth month in a row in March, with the rate of expansion accelerating from February to “a solid pace”, according to HSBC.
“China's recovery continues, mainly driven by the gradually improving domestic demand conditions,” said Qu Hongbin, chief China economist with HSBC.
“Beijing policymakers should keep a relative accommodative policy stance in place,” Qu added.
China’s official PMI rose to 50.9 in March, up by 0.8 points from February, official data from China Federation of Logistics & Purchasing (CFLP) showed.
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