none

China manufacturing slows

31-08-2010
by 
in 

China’s manufacturing sector is showing signs of a pronounced slowdown, due mainly to sluggish foreign demand.

According to the latest HSBC flash Purchasing Managers Index, manufacturing output in the world’s second largest economy hit a two-month in April.

The slump has renewed fears that China’s recovery will be weaker than expected.

HSBC’s preliminary purchasing managers' index (PMI) decelerated to 50.5 in April from a final 51.6 the previous month.

A reading above 50 indicates expansion while anything below points to contraction.

The April preliminary result came in lower on the back of decreasing new export orders and employment, according to the British bank.

HSBC's chief China economist Hongbin Qu says China's manufacturing industry is still growing, but the slowdown in the pace of growth will worry the government.

"Weaker overall demand has also started to weigh on employment in the manufacturing sector," said in a statement.

"Beijing is expected to respond strongly to sustain the economic recovery by increasing efforts to boost domestic investment and consumption in the coming months."

China's 2012 growth of 7.8 per cent was its slowest in 13 years owing to weakness at home and in overseas markets.

China is targeting growth of at least 7.5 per cent for this year.

Related news & editorials

  1. 18.06.2018
    18.06.2018
    by      In
    Queensland-based electronics design and manufacturing company, Hetech, is collaborating with selected local engineering companies to increase its design capacity of up to 20 engineers.
    With defence projects such as the LAND400: Phase 2 arriving in Queensland, collaboration between local engineers... Read More
  2. 15.06.2018
    15.06.2018
    by      In
    The NRMA has chosen Australian-made electric vehicle chargers from Brisbane-based Tritium to equip its $10 million network planned for New South Wales and the ACT. The network, which will be the largest in Australia, will comprise 40-plus charging stations that will be free to use for NRMA members... Read More
  3. 14.06.2018
    14.06.2018
    by      In
    Australia’s Collins Class submarine fleet is set to receive significant sonar upgrades this year in a project led by Raytheon Australia and Thales Australia.
    In announcing the commencement of the upgrade programme, Minister for Defence Industry, the Hon Christopher Pyne MP, said that as the... Read More
  4. 14.06.2018
    14.06.2018
    by      In
    Australian-founded Ainsworth Game Technology has expanded globally since being established in 1995, today representing the fifth-largest gaming manufacturer in the USA. The company boasts a new state-of-the-art US$40 million facility in Las Vegas, which produces thousands of gaming machines per... Read More