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在线翻译:
szdaily -> Business -> 
Factory growth rises to four-month high
    2018-01-03  08:53    Shenzhen Daily

GROWTH in China’s manufacturing sector unexpectedly picked up to a four-month high in December as factories cranked up production to meet a surge in new orders, a private business survey showed yesterday.

The reading suggested surprising resilience in the world’s second-largest economy at the end of the year, though it was somewhat at odds with a much larger official survey Sunday that pointed to a slight loss of momentum.

The Caixin/Markit Manufacturing Purchasing Manager’s Index (PMI) rose to 51.5 last month, from 50.8 in November, and far outpacing economists’ expectations for a slight dip to 50.6.

Analysts have expected some softening in China’s manufacturing activity as a crackdown on air pollution, a cooling property market and higher borrowing costs all start to weigh on the economy.

That view appeared to be borne out by the official data over the weekend which suggested that production expanded in December at a slightly more modest pace.

But Caixin’s findings showed output grew at the fastest pace in three months, bolstered by improving demand.

Total new orders at home and from abroad rose at the strongest pace since August, with the sub-index jumping to 53 in December from 51.8 the previous month.

The Caixin survey tends to focus on small and mid-sized firms which are believed to be more export-oriented.

While the official data pointed to a wobble in production, it also showed a pickup in overseas orders which should help support China’s exporters in the next few months.

However, despite the increase in new work, the Caixin survey indicated manufacturers continued to shed staff in December and input costs continued to rise sharply, largely due to higher prices for raw materials.

Companies were able to pass on some of those cost increases to customers, suggesting broader inflationary pressures may intensify in China this year. The official data pointed to even stronger price rises.

Despite the pickups in output and new orders, however, the Caixin survey showed business confidence in the 12-month outlook remained weak by historical standards. Respondents cited forecasts of relatively subdued client demand and changes to national policies, though no more details were provided.

(SD-Agencies)

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