02 September 2013 05:23 [Source: ICIS news]
SINGAPORE (ICIS)--China’s economic growth remained stable in August, with the country’s manufacturing activity expanding for the second consecutive month as domestic demand rebounded, industry sources said on Monday.
The purchasing managers’ index (PMI) for China increased to 51.0 in August, up by 0.7 points from July, according to data released by China Federation of Logistics & Purchasing (CFLP) on 1 September.
The number of new orders increased largely by 1.8 points from July to 52.4 in August, the CFLP data showed.
According to Zhang Liqun, an analyst from CFLP, this indicates that China is showing “ good and stable economic growth”.
Most importantly, the sub-indexes of the PMI have largely shown an uptrend, Zhang said, adding that this means the market is performing better as expected.
China’s production index increased by 0.2 points from July to 52.6 in August, according to the CFLP data.
Export index was at 50.2, while the import index was 50.0, higher by 1.2 points and 1.6 points from July respectively.
A PMI reading above 50 indicates expansion, while a reading below 50 denotes contraction in manufacturing activities.
China’s August PMI is based on a survey of 3,000 manufacturers in the country.
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