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在线翻译:
szdaily -> Business_Markets
Factory growth still strong in January
    2018-February-2  08:53    Shenzhen Daily

CHINA’S manufacturing sector sustained growth at multi-month highs in January, a private business survey showed Thursday, as factories continued to raise output to meet new orders, suggesting resilience in the world’s second-largest economy.

The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) was at 51.5 in January, unchanged from the previous month. Analysts surveyed had forecast a drop to 51.3.

December’s reading was the highest in four months and above the 50-point mark that separates growth from contraction.

The solid Caixin PMI readings could help reassure international investors that China’s economy is still expanding at a healthy clip as it nurtures new drivers of growth.

The economy slowed slightly in the second half of last year from the first half amid a government crackdown on air pollution, a cooling property market and higher borrowing costs.

Analysts expect some softening in economic expansion early this year after a forecast-beating 6.9 percent growth in 2017, the first annual acceleration in seven years.

An official survey released Wednesday on manufacturing activity in January pointed to a slight loss of momentum.

“The downward pressure on the economy in the first quarter could be slightly bigger than the fourth quarter [last year],” said Wang Jun, chief economist at Zhongyuan Bank in Beijing.

“We expect first-quarter gross domestic product growth to be around 6.7 percent.”

Analysts say the divergence between the official and Caixin findings is mostly due to margins of error in the survey resulting from different sample sizes and calculation methods.

The Caixin survey also tends to focus on small and mid-sized firms, which are believed to be more export-oriented.

“The manufacturing industry had a good start to 2018. Going forward, we should keep a close eye on the stability of the demand side,” Zhong Zhengsheng, director of macroeconomic analysis at CEBM Group, wrote in a note.

Input cost inflation eased to a five-month low in January, the survey shows, allaying concerns that broader inflationary pressures may intensify in China this year.

New orders and new export orders, while higher, rose at a slower pace.

Growth in the services industry picked up in January, a separate PMI of the services sector showed Wednesday. (SD-Agencies)

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