BEIJING: China's manufacturing activity grew in November for the first time in
13 months, HSBC said, in a further sign of strength in the world's second-largest
economy after a marked slowdown.
The preliminary purchasing
managers' index (PMI) released by the British banking giant hit 50.4 this
month, up from a final 49.5 in October, after 12 consecutive months in negative
territory.
A reading above 50 indicates
growth in the key sector, while one below signals contraction.
November's figure was the first
time since October 2011 that the indicator showed expansion and suggested a
revving up in China's economy, where growth has slowed for seven straight
quarters.
"This confirms that the
economic recovery continues to gain momentum towards the year end," Qu
Hongbin, HSBC's chief economist for China, said in the bank's release.
"However, it is still the
early stage of recovery and global economic growth remains fragile. This calls
for a continuation of policy easing to strengthen the recovery."
China's economic growth hit a
more than three-year low of 7.4 per cent in the three months to September, but
recent data has fuelled optimism that the worst is over.
Exports, industrial production,
retail sales and fixed asset investment -- a key gauge of infrastructure
spending -- have all shown improvement.
November's preliminary
manufacturing data from HSBC came after China's official purchasing managers'
index rose to 50.2 in October, up from 49.8 in September and the first
expansion in three months.
HSBC said it would release its
final November PMI data on December 3.
- AFP/xq
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