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China manufacturing grows fastest in 3 months, survey shows

By Wang Yanlin | October 23, 2014, Thursday | Online Edition

CHINA'S manufacturing sector may be growing at the fastest pace in three months in October, a survey showed today.

The HSBC Flash China Manufacturing Purchasing Managers' Index, the earliest available indicator of China's industrial sector, landed at 50.4 in October, up from the final reading of 50.2 in September, according to HSBC and research firm Markit.

A reading above 50 means expansion. Although the figure for this month pointed to only marginal growth, it marked a three-month high that was better than the market expectation.

Qu Hongbin, chief economist for China at HSBC, said although the manufacturing sector likely stabilized in October, the economy continued to show signs of insufficient effective demand.

"Domestic as well as external demand exhibited signs of slowing although both remained in expansion territory," Qu said. "Disinflationary pressures intensified, as both the input and output price indices declined further."

Qu said this should warrant further policy easing and more easing measures are expected on both monetary and fiscal fronts in the months ahead.

China's economy grew at the slowest pace in more than five years in the third quarter, but major activity indicators pointed to a stabilization in September, data from the National Bureau of Statistics showed earlier this week.

The third-quarter growth of 7.3 percent, the weakest since the first quarter of 2009, was led by the property sector and out of a high comparative base last year, analysts said.

Industrial production expanded 8 percent in September, picking up from the pace of 6.9 percent in August.

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