On September 3, the Hong Kong and Shanghai Banking Corporation (HSBC) announced that its purchasing managers index (PMI) for the Chinese manufacturing sector declined to 47.6 in August this year, compared to the preliminary estimate of 47.8 and down from 49.3 in July. 47.6 is the lowest level recorded in the HSBC PMI for Chinese manufacturing since March 2009.
HSBC economist Hongbin Qu stated that the final reading of the HSBC PMI for August confirmed that China's manufacturing sector still faces growing downward pressure. Among the sub-indexes, new export orders contracted at the fastest pace since March 2009, stocks of finished goods were at a record high, and the employment index was at a 41-month low. The HSBC official said that all this suggests China's exporters are facing increasing difficulties amid stronger global headwinds, adding that Beijing must step up its policy easing to stabilize growth and foster job market conditions.
China's official PMI for its manufacturing sector in August, released by the China Federation of Logistics and Purchases (CFLP) on September 1, had indicated a decline to 49.2, compared to 50.1 in July.