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China PMI Drop Puts Stimulus Measures in Doubt
Monday, September 3, 2012 16:30
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Slow global orders are being felt in China's manufacturing sector. After preliminary surveys suggested a dip in manufacturing output, official numbers have confirmed it. On Saturday, the National Bureau of Statistics released the Purchasing Manager's Index for August. It dropped to 47.6 points, down from 49.3 in July. The figure is at its lowest since March, 2009. A figure below 50 means manufacturing has contracted, rather than expanded. Hong Kong-based researcher Shen Minggao expects Chinese regulators in introduce measures to prevent further slowdowns, but not all the measures will be effective. [Shen Minggao, Head Of China Research Of Citi] “In the very near term, I think the key word is stabilization. So any measures that will help stabilize the economy, avoid social unrest will be taken. But you know, promoting consumption or services are deemed longer-term measures. So in the very near term, they have to go back to the traditional growth engines, for example exports, one, infrastructure investment, which is already accelerating, and the property sector, which will be a bit more difficult because the property price is rising but property investment is still falling.” Chinese authorities cut interest rates twice in June and July to try and boost spending. They've also announced measures to inject cash into the economy. The latest PMI figure, which measures indicators like new orders, inventory and production, suggests that official attempts to control the economic …
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2012-09-03 16:27:25
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