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China's PMI rebounds to 50.3 in Dec

Jan. 4, 2012 (China Knowledge) - China's official purchasing managers' index (PMI), a major indicator of the strength of the manufacturing sector, increased by 1.3 points from November to 50.3 in December 2011, according to figures jointly released by the China Federation of Logistics and Purchasing and the National Bureau of Statistics.

The PMI for last December was higher than that estimated by seven economists at Dow Jones Newswire, due to the boost by increased product sales in the New Year and upcoming Lunar New Year.

China's PMI for last November fell to 49, which is the first time for index to stay below 50 since March 2009.

CLFP analyst Zhang Liqun said that the rebounded PMI last month indicated that China's economic growth would not decline sharply.

The production index rose 2.5 points from the previous month to 53.4 in December 2011. The new order index increased by 2 points to 49.8 compared with November. The new export order index grew 3 points month on month, hitting 48.6 last month.
The purchase price index saw an increase of 2.7 points in December, reaching 47.1 points. The import index climbed 1.8 points to 49.1 last month. However, the product inventory index declined 2.5 points to 50.6.

The PMI, based on surveys on purchasing managers of 820 enterprises across the country, consists of five sub indices that measure economic performance; production index, new order index, raw material inventory index, employment index and supplier delivery index, a reading of above 50 suggests expansion, while a reading of below 50 indicates contraction.
Adding pressure to the negative territory (level below 50) of the PMI comes from the acceleration in its slowdown in construction industry that has brought strong growth of its economy for the past several years. Sales result from the major developers last month look gloomy amid huge discounts are offered to clear inventories.

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