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China manufacturing growth slowing in April: HSBC

China’s manufacturing growth decelerated this month, a survey shows, adding to questions about the strength of the recovery in the world’s second largest economy.


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April 23, 2013 by Canadian Plastics

China’s manufacturing growth decelerated this month, a survey shows, adding to questions about the strength of the recovery in the world’s second largest economy.

According to banking and financial services organization HSBC Corporation, China reported an unexpected decline in economic growth to 7.7 per cent in the first three months of the year from the previous quarter’s 7.9 per cent. This month, the HSBC survey showed output growth slowed while new export orders and employment contracted.

“Beijing is expected to respond strongly to sustain the economic recovery by increasing efforts to boost domestic investment and consumption in the coming month,” said HSBC economist Hongbin Qu in a statement.

The bank’s preliminary PMI is based on responses from 85 to 90 per cent of the 420 manufacturers surveyed.

The full survey is due to be released on May 1.

A slowdown in Chinese growth and demand for goods ranging from iron ore and other raw materials to factory technology and consumer products could negatively impact the global economy – and China knows it. Last week, the Chinese government promised steps to boost domestic consumption as an economic driver, promising changes in medical, pension and other social programs to free up more of household budgets for consumer spending.


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