China PMIs show economy perking up
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China's economy is finally regaining some traction, official and private sector factory surveys showed on Thursday, although they pointed to a sluggish recovery with the latter recording its 12th straight month of slowing growth.
The surveys add to other signs of economic revival in October after domestic credit curbs and weak demand from overseas markets pushed down third-quarter growth to its lowest rate since the depths of the global financial crisis.
The National Bureau of Statistics reported the official October Purchasing Managers' Index (PMI) rose to 50.2 from 49.8 in September, just below a 50.3 forecast by a Reuters poll last week.
It marked the first reading above 50 -- which divides a pick up in activity from a slowdown -- since July and backed the view that growth could be picking up in the world's second-largest economy.
The continued rebounding of sub-indexes including new orders, export orders and quantity of purchases, indicates companies' de-stocking process has basically ended, Zhang Liqun, a researcher with the Development Research Centre of the State Council, wrote in a statement accompanying the index.
We expect China's economic growth will end its decline and rebound slightly in the future.
The HSBC Purchasing Managers' Index rose to 49.5 in October from 47.9 in September. The reading was the highest since February, and deviated more than usual from the October flash, or preliminary, reading of 49.1 released last week.
October's final PMI rose to an eight-month high, implying that China's industrial activity continues to bottom out following a modest pick-up last month, wrote HSBC economist Hongbin Qu in a statement accompanying the survey.
This is mainly driven by the increase of new orders, thanks to the filtering-through of the earlier easing measures, while exports outlook remains challenging.
The new orders sub-index rose to 51.2 - its first time in expansionary territory since October of last year.
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