2024년 03월 29일 금요일
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Chinese Economy Remained Stable Despite Fluctuating Figures in Manufacturing Industry

[=아시아뉴스통신] Timothy Montales기자 송고시간 2018-09-18 16:12

Photo by: Chris via Flickr

The National Bureau of Statistics (NBS) reported that the Chinese economy is holding steady notwithstanding cyclical fluctuation in the country's manufacturing sector in July.


Official figures released by the NBS show that China’s manufacturing purchasing managers' index (PMI) came in at 51.4 in July, which is a decline from the 51.7 index in June.


CITIC Securities, China’s largest full-service investment bank, said that the decline in the PMI drop was a normal fluctuation and was not totally determinative of China’s economic trend. Despite these fluctuations, the Chinese economy still shows positive changes and sustained growth.


NBS senior statistician Zhao Qinghe said that the PMI has remained between 51 and 52 over the past seven months. This means that the July index is just consistent with the average reading for the first half of 2017. Zhao attributed the PMI decline to key factors in Chinese economy, including hot weather across China, rainstorms, and the fact that some companies conduct routinary equipment repairs during summer.


Meanwhile, China’s export output declined, with export orders falling to 50.9 from 52 in June, but the index has remained above 50 for the last nine months. At any rate, the structural upgrade of the manufacturing sector remained firm. High-tech and equipment manufacturing activities propelled economic expansion in July, with their sub-indices producing higher figures compared to the overall sector's PMI.


Chen Zhongtao, China Logistics Information Center analyst, called the July index as a seasonal fluctuation.


Sub-indices for production and new orders came in at 53.5 and 52.8, respectively, which reveal a decline from a reading of 54.4 and 53.1 last month. However, Zhao said that the narrower gap between the two figures is indicative of an improved supply and demand relationship.


The PMI sub-index for large-size companies remained unaffected by the seasonal fluctuation, as it rose for the second consecutive time to 52.9 in July. Meanwhile, sub-index figures for small enterprises fell below 50.


Monday's official figures were released following a wave of economic indicators that showed China's improving economic standing. Official statistics show that China's GDP growth in the first six months of the year is at 6.9 percent, which is up from 6.8 percent in the last quarter of 2016.



[ 저작권자 © 아시아뉴스통신. 무단 전재 및 재배포금지]



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