22 November 2013 07:39 [Source: ICIS news]
SINGAPORE (ICIS)--HSBC’s flash manufacturing purchasing managers’ index (PMI) for China dropped slightly in November, indicating a slower growth of China’s economy, industry sources said on Friday.
The HSBC flash PMI for China declined to 50.4 in November, but remains as the second highest point in the last seven months, according to the official data from the bank.
The new export orders index declined significantly to 49.4 in November, lower than 51.3 in October.
This indicates a weaker overseas demand and slower inventory growth, said Hongbin Qu, chief economist, China, and co-head of Asian Economics Research at HSBC.
China’s economic growth has stabilised after strong performance in the third quarter, indicating that the growth has reached its peak, and may be slower in the next quarters, said Haibin Zhu, an economist in China, adding that it is expected that the economic growth will be 7.6% and 7.4% for 2013 and 2014 respectively.
A PMI reading above 50 indicates an expansion, while a reading below 50 denotes a contraction in manufacturing activities.
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