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在线翻译:
szdaily -> Business
Manufacturing gauge exceeds expectations
    2017-July-4  08:53    Shenzhen Daily

A PRIVATE gauge of China’s manufacturing exceeded estimates in June, adding to evidence that the economy is maintaining some momentum after a strong start to the year.

The Caixin Media and Markit Economics manufacturing purchasing managers’ index (PMI) rose to 50.4 from 49.6 in May, which had been the first time the index had slipped below 50 since June 2016.

“Economic activity in China has yet to be really affected by liquidity and also supervisory tightening,” Donna Kwok, senior China economist at UBS Group in Hong Kong, said in an interview. “Even though investment in the economy is softening somewhat, we’re getting enough of a counterbalance to offset that and as a result the government has more room still to continue with that supervisory tightening.”

The measure, which relies on a smaller sample size, compares with the official government PMI released Friday, beating all economist estimates.

“Operating conditions have now strengthened in nine of the 10 past months, though the latest improvement was only slight,” Caixin and Markit said in a statement with the data. “Helping to lift the headline PMI was faster growth in new order books. Though only marginal, the latest increase in new orders was the quickest seen for three months.”

The official PMI was at 51.7 in June, the 11th straight month of expansion, and up from 51.2 in May, a monthly survey by the National Bureau of Statistics showed Friday.

It was the fastest pace since March and beat the 51.0 level predicted by analysts.

The survey supports broad consensus that China’s economy is stabilizing at a moderate pace rather than slowing sharply, suggesting that China is on track to meet its annual growth target of 6.5 percent for this year.

Production rose a strong 1 percentage point from May. New orders in the month also rose to 53.1 from May’s 52.3, with export orders putting on 1.3 percentage points to 52.0 in a sign of solid external demand.

All the same, growth in Chinese factories does not appear broad-based as the struggles of smaller firms intensified compared to the relatively better-off larger firms.

Most China observers agree that Asia’s giant economy has slowed in the second quarter, and recent data back expectations for a continued cooling as authorities reduce high levels of debt across many of the heavy industries, crack down on financial risks and tighten monetary conditions.

One worry lies with the traditional sectors, including crude oil, chemicals, and non-metal mineral, which all continued to contract during the month and the downward pressure persists, the National Bureau of Statistics said.

Growth in the services sector also accelerated to 54.9 in June, the highest since March, thanks to vibrant activity in commercial services and construction sectors, the bureau found.

(SD-Agencies)

 

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