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The HSBC China PMI rose from 55.0% in the previous month to 55.4% in October, a new high in 18 months, said HSBC Bank (China) Co., Ltd., echoing the official data released earlier. On November 1, the China Federation of Logistics & Purchasing (CFLP) said that the PMI leaped to an 18-month high of 55.2% in October from 54.3% in September.
The growth in the manufacturing sector is likely to continue and back up a robust economic growth in the fourth quarter of the year, pointed out Qu Hongbin, chief economist for HSBC China. An above 50.0% standing of the PMI suggests an expansion in economy while a 50% below standing indicates a recession.
Additionally, the rosy industrial forecasts add to the market sentiment that China is well on course for an economic revival. Companies in the country are likely to make a V-shaped turn in the next few months, with their production speeding up, investment perking up, and power consumption firming up, predicted Li Yizhong, head of the Ministry of Industry and Information Technology (MIIT), on the day.
Sizable companies throughout the country are anticipated to report a 15%-16% growth in industrial value added for the October-December period, pushing the figure in the entire 2009 up to 10%-11%, according to Mr. Li. A 16% advance in industrial value added was last seen in June 2008, when the global financial turmoil did not take its toll on the Chinese economy.
"Following the encouraging macro-economic data comes the better-than-expected credit and loan data, which will prove to be another major contributor to the warm-up of the market confidence," said an analyst in the country. The Big Four state-owned banks in the country, including China Construction Bank Corporation (CCB, SHSE: 601939, and SEHK: 0939), Industrial and Commercial Bank of China Limited (ICBC, SHSE: 601398, and SEHK: 1398), Agricultural Bank of China, and Bank of China Limited (SHSE: 601988 and SEHK: 3988), saw their combined new renminbi-denominated loans come back to CNY 136 billion in October.
(USD 1 = CNY 6.83)
Source: www.news365.com.cn (November 03, 2009)
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