30 September 2013 03:44 [Source: ICIS news]
SINGAPORE (ICIS)--HSBC’s final reading of purchasing managers’ index (PMI) for China inched up to 50.2 in September from 50.1 in August amid slightly improved operating conditions, the investment bank said on Monday.
The final reading was lower than HSBC’s preliminary estimate of 51.2 issued on 23 September.
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.
Output across China’s manufacturing sector grew for the second successive month in September, according to HSBC.
“New orders remained flat from the previous month, while external demand improved. Manufacturers restocking process continued but remained relatively slow,” said Hongbin Qu, chief economist for China, and co-head of Asian Economic Research at HSBC.
“Growth is bottoming out on Beijing’s mini-stimulus. We expect continuous policy efforts to sustain the recovery,” Qu said.
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