China’s Manufacturing PMI Expands for Second Month in April Despite Slowing
(Yicai Global) April 30 — China’s manufacturing sector expanded for a second month in April, though the pace of growth slowed from March, according to official data.
The manufacturing purchasing managers’ index fell 0.4 point to 50.1, National Bureau of Statistics figures showed today. Before March, the reading had been below the 50-point mark that separates expansion from contraction for three months in a row.
Coming after a significant gain last month, April’s overall decline shows that the economy is still not stable and faces many uncertainties, Zhang Liqun, an analyst at the China Federation of Logistics & Purchasing, told Yicai Global. Government agencies should embrace counter-cyclical macroeconomic policies, focus on expanding domestic demand, and stabilize the economy.
Demand maintained steady growth this month. The sub-indexes for production and new orders fell 0.6 and 0.2 point to 52.1 and 51.4 respectively, but are still higher than the first-quarter average and are relatively buoyant for the past seven months.
The high-tech manufacturing PMI rose 2.8 points to 52.9, gaining for a fourth consecutive month. The gauges for new export orders and imports gained 2.1 and 1 point to 49.2 and 49.7 respectively, logging a second straight month of gains. Indexes for imports and exports of medicine and computer communications and electronic equipment were above 54.
The index of non-manufacturing activities dropped 0.5 point to 54.3, which remained over 54 for a fourth month in a row, indicating that the country’s non-manufacturing sector maintained an overall positive growth momentum.
Private financial media Caixin’s manufacturing PMI this month fell 0.6 point to 50.2, it said today, remaining in growth and basically sharing the same trend with the official figure.