Recently, the China Manufacturing Purchasing Managers Index (PMI) was released at 52.0% in February, down 3.8 percentage points from the previous month, and stabilized at more than 50% for 12 consecutive months. On the same day, the purchasing managers index issued by HSBC China was 55.8%. It fell 1.6 percentage points from the previous month and remained above 55% for seven consecutive months.
In February, new business volume received by Chinese manufacturers continued to rise, and this trend has now lasted for 11 months. Vendors reporting an increase in new orders are generally considered to be related to stronger customer demand. The export sales of China's manufacturing industry recorded the largest increase since March 2005. The survey shows that export growth mainly indicates that the economic environment of many important trading partners in China has improved.
Procurement activity has grown significantly, mainly due to rising production demand. The average speed at which input suppliers supply to manufacturers is therefore showing signs of slowing for the seventh consecutive month. The data shows that the manufacturers' purchasing inventory has grown rapidly, the largest increase since the survey began in April 2004. Respondents generally said that the increase in inventory was due to expected strong growth in sales and output demand. New business growth, business expansion plans and rising production demand are factors that support employment growth.
Qu Hongbin, chief economist of HSBC China, commented: "The growth momentum of China's manufacturing industry is still strong, indicating that industrial activities will further accelerate in the next few quarters."
In February, new business volume received by Chinese manufacturers continued to rise, and this trend has now lasted for 11 months. Vendors reporting an increase in new orders are generally considered to be related to stronger customer demand. The export sales of China's manufacturing industry recorded the largest increase since March 2005. The survey shows that export growth mainly indicates that the economic environment of many important trading partners in China has improved.
Procurement activity has grown significantly, mainly due to rising production demand. The average speed at which input suppliers supply to manufacturers is therefore showing signs of slowing for the seventh consecutive month. The data shows that the manufacturers' purchasing inventory has grown rapidly, the largest increase since the survey began in April 2004. Respondents generally said that the increase in inventory was due to expected strong growth in sales and output demand. New business growth, business expansion plans and rising production demand are factors that support employment growth.
Qu Hongbin, chief economist of HSBC China, commented: "The growth momentum of China's manufacturing industry is still strong, indicating that industrial activities will further accelerate in the next few quarters."
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