In July this year, the China HSBC Flash Manufacturing Purchasing Managers Index (PMI) increased to 52, the highest level of the past 18 months, up from June's final reading of 50.7, as announced by the HSBC on July 24. In particular, in July the sub-index for production rose to 52.8, reaching its highest level of the past 16 months.
Hongbin Qu, the HSBC's chief economist for China, said that the increase in output, purchasing volumes and prices, as well as just slight rises in inventory, showed that the Chinese manufacturing industry has seen further improvements compared to June. He also said that the Chinese government could achieve its targets for the whole year if its stabilization measures continue in the second half of the current year.