none

China manufacturing ends year on a high

31-08-2010
by 
in 
China manufacturing ends year on a high

 

China's manufacturing sector ended the year on a high note with promising signs for continued growth in the new year.

The preliminary purchasing managers' index (PMI) released by global banking giant hit 50.9 this month – a 14-month high. This was up from a final 50.5 the previous month, when the figure returned to growth after 12 consecutive months of contraction.

A reading above 50 indicates expansion in the key sector, while one below signals contraction.

According to HSBC data the December reading is the highest since October last year, when the figure was 51.

Qu Hongbin, a Hong Kong-based economist with HSBC, said the PMI figure "confirmed that China's ongoing growth recovery is gaining momentum, mainly driven by domestic demand conditions."

The increased demand along with a rise in retail sales has fuelled optimism that the worst is over for the world’s second largest economy.

On the downside, exports rose just 2.9 per cent in November, much lower than market expectations.

This raised concerns on the sustainability of the recovery.

China’s leaders are expected to hold a key annual meeting later this month to lay out major economic policies and goals for the new year.

The preliminary PMI is based on approximately 85-90 percent of total PMI survey responses each month, HSBC said, adding that the month's final reading will be released on December 31.

Related news & editorials

  1. 24.05.2018
    24.05.2018
    by      In
    Rio Tinto has announced that Australia’s Office of the National Rail Safety Regulator has approved the autonomous operation of trains at its iron ore businesses in WA.
    After several years of regulatory hurdles, delays, and slowly increasing coverage of its automated haulage network of freight... Read More
  2. 24.05.2018
    24.05.2018
    by      In
    A new reactive battery system has been switched on, stabilising the power grid of a coastal town with wildly variable energy demands.
    The autonomous system is located in the fishing village of Cape Jervis, and is part of a $3.65 million power stabilisation trial that could lead to town batteries... Read More
  3. 24.05.2018
    24.05.2018
    by      In
    The world of workplace health and safety descended on the Melbourne Convention & Exhibition Centre yesterday for the first day of the all-new Workplace Health & Safety Show. And it did so in big numbers, with the opening day attendance estimated in excess of 1200.
    It helped that the show is... Read More
  4. 23.05.2018
    23.05.2018
    by      In
    International industry leaders in renewable energy and storage are meeting in Adelaide for the 2018 Australian Energy Storage Conference and Exhibition.
    Sam Staples, AES Sales Manager and Conference Programme Manager, said South Australia’s ongoing work in the renewable energy sector makes it the... Read More