Thursday, September 1, 2011
China's manufacturing activity rebounded slightly in August, two separate surveys showed Thursday, but costs rose further as Beijing vowed to keep up efforts to fight inflation.
The HSBC purchasing managers index (PMI) rose to 49.9 in August from 49.3 in the previous month, which was the lowest level in 28 months and the first contraction in a year, according to a statement by the British banking giant.
The official PMI jumped to 50.9 last month from 50.7 in July, which was the lowest level in more than two years, the China Federation of Logistics and Purchasing (CFLP) said in a statement.
However, the government index for new export orders fell to 48.3 in August from 50.4 in July, indicating overseas shipments may slow, while the HSBC survey showed that new foreign business contracted for a fourth month.
The official input prices sub-index rose to 57.2 last month from 56.3 in July, with raw materials and energy costs leading the rise, while HSBC data showed cost inflation rose at its highest rate in three months.
Chinese Premier Wen Jiabao said Wednesday that reining in consumer prices remained Beijing's priority despite growing instability in the domestic and global economy, suggesting that the tightening measures would be kept in place.
Beijing has been struggling to tame inflation, which hit a three-year high of 6.5 percent in July, amid fears rising food and housing costs could trigger social unrest in the country of more than 1.3 billion people.
By: DocMemory
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