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HSBC's China's Purchasing Managers Index sinks to seven-month low
CHINA's industrial production shrunk in February at its slowest pace in seven months in part due to the impact of Lunar New Year slowing output, according to HSBC manufacturing purchasing managers index (PMI).
The PMI decreased in a third straight month decline from January's 49.5 to February's low of 48.5, slightly more than preliminary reports of 48.3. All readings above 50 indicate an expanding of economy, while a number less indicates contraction in manufacturing.
The latest data from HSBC points to a worrying sign of a slowdown in China's economy supported by analyst prediction of GDP decline. New orders and output contracted for the first time although during January new export orders contracted less.
HSBC chief economist Hongbin Qu said the signs of a risk to GDP growth are "tilting to the downside", adding that "calls for policy fine-tuning measures to stabilise market expectations and steady the pace of growth in the coming quarters" are needed.
According to the report, the employment sub-index, which is a key indicator of China's labour market health, declined for the fourth straight month to 47.3, its lowest since March 2009.
The PMI decreased in a third straight month decline from January's 49.5 to February's low of 48.5, slightly more than preliminary reports of 48.3. All readings above 50 indicate an expanding of economy, while a number less indicates contraction in manufacturing.
The latest data from HSBC points to a worrying sign of a slowdown in China's economy supported by analyst prediction of GDP decline. New orders and output contracted for the first time although during January new export orders contracted less.
HSBC chief economist Hongbin Qu said the signs of a risk to GDP growth are "tilting to the downside", adding that "calls for policy fine-tuning measures to stabilise market expectations and steady the pace of growth in the coming quarters" are needed.
According to the report, the employment sub-index, which is a key indicator of China's labour market health, declined for the fourth straight month to 47.3, its lowest since March 2009.
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