CCCME News
China's manufacturing activity at 9-month low: HSBC
China's manufacturing activities fell to a nine-month low this month, according to a preliminary survey from HSBC.
The HSBC Flash Manufacturing Purchasing Managers' Index (PMI) for June fell to 48.3, the lowest level since Ober and down from 49.2 in May, according to figures released by HSBC on Thursday.
An index reading above 50 indicates expansion, while a reading below 50 means contraction.
Qu Hongbin, chief economist of HSBC China, said China's manufacturing sectors are weighed down by waning external demand, moderating domestic demand and rising destocking pressures.
The sub-index for manufacturing output dropped to an eight-month low of 48.8, while those for new orders and new export orders both fell from the previous month, the data show.
Qu said he expects China to see slightly weaker growth in the second quarter, as ongoing reforms may have a limited impact in the short term.
HSBC on Wednesday cut its forecast for China's growth this year to 7.4 percent, down from its previous forecast of 8.2 percent.
China's GDP growth slowed to 7.7 percent in the first quarter from 7.9 percent recorded during the last quarter of 2012, data from the show.
The government has set its growth target for this year at 7.5 percent in a bid to seek quality and efficient economic growth.
RECENT NEWS
-
Seminar on Carbon Footprint & Carbon Footprint Efficiency Ratio of Air Conditioner Exports Held in Beijing
2025-01-15 -
CCCME Vice President Shi Yonghong Attends and Addresses “The Second Corporate Compliance Summit” by Lenovo
2025-01-15 -
CCCME President Zhang Yujing Meets with President of SingCham Ong Tze Guan
2025-01-13 -
Symposium on PV Industry High-quality Outward Trade Development Successfully Held in Beijing
2025-01-10 -
The National Standard “Technical Measures to Trade—Vocabulary” Co-authored by CCCME Officially Released
2024-12-28