BEIJING—China's manufacturing activity expanded in September and accelerated from the previous month, an official gauge showed Friday, adding to evidence that Chinese growth remains robust and that its slowdown from extraordinary growth rates earlier this year will be mild.
China's Purchasing Managers Index rose to 53.8 in September from 51.7 in August, the China Federation of Logistics and Purchasing, which issues the data with the National Bureau of Statistics, said in a statement.
A PMI reading above 50 indicates an expansion in manufacturing activity, while a reading below 50 indicates contraction.
"The continuing rise in the September PMI indicates that the process of economic growth adjusting downward from a high level has already moderated," said CFLP analyst Zhang Liqun in a note. "Economic growth will shift from being supported by stimulus policies to being supported by market forces."
Bank of America Merrill Lynch economist Lu Ting said that the PMI's rebound since July, after declining for a few months beginning in April, shows "the limited impact of the property tightening measures on developers' construction activities, and the government's big push on public housing."
On Wednesday, HSBC's competing PMI index also rose, to 52.9 in September from 51.9 in August.
Of the CFLP PMI's 11 categories, nine rose and two fell compared with August, indicating broad-based strength. Only two categories, stocks of purchases and stocks of finished goods, were below the expansionary threshold of 50.
The new export orders subindex rose slightly, to 52.8 from 52.2, indicating steady external demand.
The input price subindex, however, rose strongly, indicating building inflationary pressures. CFLP said price increases were especially strong in the textile, food product, common equipment and chemical manufacturing industries.
Source : WSJ.com
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