The HSBC purchasing managers' index (PMI) for the Chinese manufacturing sector increased to a final reading of 51.7 in July, an 18-month high, compared to the final reading of 50.7 recorded in June, as announced by HSBC Holdings PLC on August 1.
According to Hongbin Qu, the HSBC's chief economist for China, though the final July reading for the HSBC manufacturing PMI for China is 0.3 percentage points lower than the flash reading issued previously for July, it still shows that China's economy is maintaining its growth trend. Meanwhile, considering the Chinese government has been showing its determination to stabilize the economy by measures such as increasing bank lending and relaxing controls on the property market, it is expected that China's economy will see steady development in the coming month.
Meanwhile, according to China's National Bureau of Statistics (NBS) on August 1, the purchasing managers' index (PMI) for China's manufacturing sector was also at 51.7 percent in July of the current year, up 0.7 percentage points from June.