Expansion of Chinese manufacturing activity slowed down markedly in September, according to Caixin’s Purchasing Managers’ Index survey. But the official government PMI data, released by the National Bureau of Statistics, rose to the highest level since April 2012, reports Caixin.
Heavy industry makes up a larger share of the NBS survey, while the Caixin poll is more focused on light industry. The geographical distributions of respondents in the two polls also differ.
“The Chinese economy was stable in the third quarter,” Zhong Zhengsheng, director of macroeconomic analysis at CEBM Group, was quoted by Caixin as saying. “But the outstanding price pressure from upstream industries will be a drag on the continued improvement of companies’ profitability.”
Outperforming sectors included computer and telecommunications equipment, electric and mechanical equipment as well as autos.
Caxin’s service sector gauge will be released on October 9.