24 July 2013 03:38 [Source: ICIS news]
SINGAPORE (ICIS)--HSBC’s flash purchasing managers’ index (PMI) for China fell to an 11-month low of 47.7 in July, down by 0.5 point from June amid a slowdown in new export orders, the investment bank said on Wednesday.
PMI is a barometer of an economy's manufacturing activities, with a reading above 50 indicating an expansion, and a lower number denoting a contraction.
“The lower reading of the July HSBC Flash China Manufacturing PMI suggests a continuous slowdown in manufacturing sectors thanks to weaker new orders and faster destocking,” said HSBC chief economist Qu Hongbin.
“As Beijing has recently stressed to secure the minimum level of growth required to ensure
stable employment, the flash PMI reinforces the need to introduce additional fine-tuning measures to stabilise growth,” Qu said.
China's economy grew 7.5% year on year in the second quarter of this year.
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