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Beijing (AFP) July 1, 2010 Manufacturing activity in China slowed in June, official and independent surveys showed Thursday, suggesting that government efforts to cool the fast-growing economy are working. The HSBC China Manufacturing PMI, or purchasing managers index, fell to 50.4 last month from 52.7 in May, the bank said. A reading above 50 means the sector is expanding, while below 50 indicates an overall decline. "The moderation in the manufacturing PMI implies slower sequential growth in China's manufacturing sector, partly due to the tightening measures taking effect," said HSBC chief China economist Qu Hongbin. "But fears about hard-landing are overplayed." A separate survey released by a government agency on Thursday showed manufacturing activity slowed to 52.1 in June from 53.9 in May. HSBC's results are based on interviews with purchasing managers at more than 400 companies, while the survey by the China Federation of Logistics and Purchasing covers more than 700 firms. Royal Bank of Canada senior analyst Brian Jackson said the data showed blistering economic growth recorded in the first three months of the year was "clearly moderating". "As the initial boost from last year's stimulus package starts to fade, it is inevitable that growth will ease in the second half of this year," Jackson said. "Policy tightening put in place in recent months also is starting to have an impact on activity." China's economy grew 11.9 percent in the first quarter of 2010, fuelling fears of overheating in the world's third-largest economy. Worried an explosion in bad debts could derail the economic boom, Beijing has announced a series of measures to rein in bank lending and speculative property investment to avoid a damaging real estate bubble. Premier Wen Jiabao said this week the economy was "developing in the expected direction", suggesting recent tightening measures would remain in place despite signs of a slowdown. Second-quarter economic data is due later this month.
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China's economy moving in 'expected direction': WenBeijing (AFP) June 30, 2010 Chinese Premier Wen Jiabao believes the world's third-largest economy is moving in the "expected direction", the government said Wednesday, amid fears that it may be losing steam. "The domestic economy is developing in the expected direction under the government's macroeconomic controls," Wen said during two days of meetings this week with economists and business executives. The comments ... read more |
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