Tuesday, February 26, 2013
China's manufacturing growth falters
China's manufacturing sector is growing at its slowest pace in four months, reports a private survey.
An initial reading of a Purchasing Manager's Index was 50.4 in February, according to Monday's statement from HSBC Holdings and Markit Economics. That's down from January's 52.3. Any PMI number above 50 indicates economic growth.
This preliminary call of the HSBC measurement, termed the Flash PMI, is based on 85 percent to 90 percent of responses to a survey from more than 420 companies, conducted from Feb. 12-21.
Last week, the benchmark Shanghai Composite Index fell the most since May 2011 due to worry that Beijing will expand limits on the property market to lessen home-price gains.
"It casts some shadow over China's recovery," said Zhang Zhiwei, chief China economist at Nomura Holdings Inc. and a former researcher for the International Monetary Fund. "Chinese economic fundamentals may prove weaker than previously expected."
China's economy grew by 7.9 percent in the last three months of 2012 year over year, its first gain in two years.
For more of the Bloomberg Businessweek story: businessweek.com
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