23 September 2013 03:36 [Source: ICIS news]
SINGAPORE (ICIS)--HSBC’s flash manufacturing purchasing managers’ index (PMI) for China rose to a six-month high of 51.2 in September amid improved demand conditions, the investment bank said on Monday.
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.
“We expect a more sustained recovery as the further filtering-through of fine-tuning measures should lift domestic demand,” Hongbin Qu, chief economist, China & co-head of Asian Economic Research at HSBC said.
“This will create more favourable conditions to push forward reforms, which should in turn boost mid- and long-term growth outlooks,” Qu added.
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