Chinese manufacturing activity surges in December

| January 4, 2010 | 0 Comments

Positive economic news just keeps on coming from the world’s third largest economy after the purchasing managers index (PMI) from HSBC Holdings and Markit Economics revealed that Chinese manufacturing grew by the biggest margin in five years last month.

The index, which is based on a survey of more than 400 Chinese manufacturers, rose from 55.7 in November to 56.1 in December and is way above the crucial 50 mark, which represents growth within the sector.

HSBC and Markit said overall conditions during the fourth quarter were the most robust since the survey began six years ago.

Last month, Minister of Industry and Information Technology Li Yizhong said China’s Government is targeting economic growth of around 8% this year.

Delivering its growth figures, Minister of Industry and Information Technology, Li Yizhong, said: “Based on the central Government’s target for around 8% economic growth, we’re aiming for around 11% growth in industrial output.”

Many economists believe China’s economic growth target should be achievable and are predicting growth of close to 9% this year.

Official figures recently showed that Chinese GDP growth surged to 8.9% in the July to September period, up from 7.9% in the April to June period.

The strong result was due to all sectors performing strongly and was the fastest GDP growth since quarter three 2008.

Many analysts have described China’s recovery as “impressive”.

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