Chinese economy slackens

Jul 02, 2010 |

Manufacturing activity in China slowed in June, official and independent surveys showed on Thursday, suggesting that government efforts to cool the fast-growing economy are working.

The HSBC China Manufacturing PMI, or purchasing managers index, fell to 50.4 last month from 52.7 in May, the bank said.
A reading above 50 means the sector is expanding, while below 50 indicates an overall decline.
“The moderation in the manufacturing PMI implies slower sequential growth in China’s manufacturing sector, partly due to the tightening measures taking effect,” said HSBC chief China economist, Mr Qu Hongbin. “But fears about hard-landing are overplayed.”
A separate survey released by a government agency on Thursday showed manufacturing activity slowed to 52.1 in June from 53.9 in May.
HSBC’s results are based on interviews with purchasing managers of 400 companies, while the survey by the China Federation of Logistics and Purchasing covers 700 firms. Royal Bank of Canada senior analyst, Mr Brian Jackson, said the data showed economic growth in the first three months was “clearly moderating”. — AFP

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