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China's PMI of Manufacturing Sector Rises for 5th Straight Month

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BEIJING, May&nbsp;4 -- The Purchasing Managers' Index (PMI)of China's manufacturing sector rose for a fifth straight month in April to 53.5, up 1.1 points from a month earlier, the China Federation of Logistics and Purchasing (CFLP) said Friday. 
&nbsp;&nbsp;&nbsp; It was the second consecutive month the PMI rebounded above 50 since July 2008, when the index fell to 48.4 percent. 
&nbsp;&nbsp;&nbsp; A reading of above 50 suggests expansion, while one below 50 indicates contraction. 
&nbsp;&nbsp;&nbsp; The PMI includes a package of indices that measure economic performance. The survey, jointly conducted by the National Bureau of Statistics (NBS), covers purchasing and supply managers of more than 700 manufacturers across China. 
&nbsp;&nbsp;&nbsp; All the April indices, except those measuring finished product inventory, raw materials inventory and suppliers' delivery time, rose. However, most of the increases were less than 2 points. 
&nbsp;&nbsp;&nbsp; Indices measuring output and new orders rose by 0.5 and 2.0 points to remain above 50 for a third straight month. 
&nbsp;&nbsp;&nbsp; The purchasing price index was up 3.0 points to 51.3 percent, taking it above 50 percent for the first time since September. 
&nbsp;&nbsp;&nbsp; The employment index rose 1.7 points to 50.3, the first time itwas above 50 since October. 
&nbsp;&nbsp;&nbsp; "The continuous rebound of the PMI shows the Chinese economy is on track for recovery. The first-quarter investment, consumption and export figures also reflected this trend." said Zhang Liqun, are searcher with the Development Research Center of the State Council (cabinet). 
&nbsp;&nbsp;&nbsp; The PMI is the first economic indicator for April, offering a glimpse of the country's economic outlook. Some Q1 and March statistics indicated that government stimulus measures had produced positive results, although economic growth slowed to a 10-year low in the first quarter. 
&nbsp;&nbsp;&nbsp; First-quarter industrial output grew 5.1 percent year on year with a rise of 8.3 percent in March alone. Fixed-asset investment rose 28.8 percent in nominal terms to 2.81 trillion yuan (about 413 billion U.S. dollars). In real terms, fixed-asset investment rose more than 30 percent. 
&nbsp;&nbsp;&nbsp; Retail sales also grew 15 percent to 2.94 trillion yuan. 
&nbsp;&nbsp;&nbsp; Since late last year, China has taken steps to ease the domestic impact of the global downturn. These included a 4-trillion-yuan economic stimulus package, a plan to expand rural home appliance purchases and support plans for key industries. 
&nbsp;&nbsp;&nbsp; The People's Bank of China, the central bank, has cut interest rates five times and reduced banks' required reserve ratio four times since September. 
&nbsp;&nbsp;&nbsp; (Source: Xinhua)
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