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HSBC: China manufacturing rises to 7-month high
October 24, 2013, 10:56 am

[Xinhua]

China’s gross domestic product growth accelerated to 7.8 per cent in the third quarter [Xinhua]

Manufacturing activities in China rose to a seven-month high in October, according to a preliminary survey by HSBC released on Thursday.

The HSBC Flash Manufacturing Purchasing Managers Index (PMI) stood at 50.9 in October, above September’s final reading of 50.2 and representing a seven-month high.

The flash figure, the earliest reading of China’s monthly economic performance, further confirmed signs of a gradual recovery in the world’s second-largest economy.

Chief China Economist at HSBC Qu Hongbin said the Asian nation’s growth recovery was becoming consolidated into the fourth quarter.

“This momentum is likely to continue in the coming months, creating favourable conditions for speeding up structural reforms” said Qu.

China’s gross domestic product growth accelerated to 7.8 per cent in the third quarter, up from 7.5 per cent in the second quarter.

According to China’s National Bureau of Statistics (NBS) data, GDP totalled 38.68 trillion yuan ($6.3 trillion) in the first nine months of the year.

Source: Agencies

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