China's economic growth well on recovery track (2)

CLEAR MOMENTUM FOR RECOVERY

Analysts said that November was the slack season of manufacturing traditionally as the HSBC PMI in November dropped 1.4 percentage points month-on-month on average during the 2006 and 2011 period.

However, the PMI figure this November jumped to a 13-month record high and bounced back above the expansion demarcation line, indicating that the manufacturing industry was not as bleak as it used to be.

Experts say that the HSBC preliminary reading, which has increased for four months in a row, suggests that the manufacturing activity of small- and medium-sized enterprises has picked up.

"The November flash reading of HSBC manufacturing PMI confirms again that the economic recovery continues to gain momentum toward the year end," said Qu Hongbin, chief economist for HSBC China.

Lian Ping, chief economist with the Bank of Communications, said, "The recently released economic data has been turning around, suggesting the economic growth is on the mend."

"The Chinese economy is stabilizing and moving upwards," said Zhuang Jian, an economist at Asian Development Bank.

Apart from the PMI reading, investment, export, consumption and industrial production in recent two months all had better performance, verifying the forecast for recovery, according to experts.

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