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Chinese manufacturing PMI hits 2 year-high in January


HSBC’s China flash manufacturing purchasing management index (PMI) of January, 2013 climbs to 51.9, hitting the new high over 24 months. The data was released by HSBC and the British research company Markit Group Ltd on Jan. 24.

This is the fifth straight month that HSBC China flash manufacturing PMI rebounds. The final value of December, 2012 was 51.5. This reveals that China’s manufacturing industry is continuing its expansion. The economy is further stabilizing and rebounding.

Among the sub-items of HSBC flash manufacturing PMI, the output index is 52.2, hitting 22 months’ high.

Chief economist of HSBC Greater China Qu Hongbin commented that HSBC flash PMI’s hikes for five consecutive months to reach 51.9, the highest level over 2 years, predicts the good start of China’s economic development in the new year. Benefitted from the continuous growth of new business, manufacturers expanded recruitment together with raw material purchase and accelerated production. Although overseas demand remains sluggish, the inventory restocking process driven by domestic demand will help to promote the economic recovery of China.