China’s manufacturing hits seven month high in February: HSBC
Economists commented that China’s manufacturing sector saw an improvement in overall operating conditions in February as companies registered the strongest output expansion since last summer while total new business also rose at a faster rate. However, new export orders showed a significant decrease to a reading of 48.5 in February, posting the lowest level in a year.
Meanwhile, according to data from China’s National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing, Chinese manufacturing improved slightly in February, posting the first increase in four months. An official gauge of manufacturing increased to a reading of 49.9 from a reading of 49.8 in January. Any reading below 50 indicates contraction. New orders climbed to a reading of 50.4 in February from 50.2 in the previous month while production decreased to a reading of 51.4 compared with a reading of 51.7 in January.
In 2014, the country’s economy posted the slowest growth in 24 years with a growth rate of 7.4%, missing the government’s economic growth target of 7.5% for last year. The deceleration was attributed to weakness in manufacturing and trade as well as a slowdown in the real estate sector.
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