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在线翻译:
szdaily -> Business_Markets -> 
Factory PMI eases, export orders slow
    2018-05-02  08:53    Shenzhen Daily

GROWTH in China’s vast manufacturing sector eased only slightly in April in a sign of broad economic resilience, though slowing export orders pointed to risks to the outlook amid a Sino-U.S. trade spat.

China is in the third year of a broad effort to curb a dangerous build-up of debt across the economy, and so far policymakers have successfully steered through the challenge of tempering financial risks without imperilling growth.

The official Purchasing Managers’ Index (PMI) fell to 51.4 in April, from 51.5 in March, the National Bureau of Statistics (NBS) said Monday, but remained well above the 50-point mark that separates growth from contraction on a monthly basis. It marked the 21st straight month of expanding business conditions in China.

Analysts surveyed previously had forecast the index would ease slightly to 51.3.

But the slightly softer reading, especially the slower export orders, adds to concerns about an expected loss of momentum in the world’s second-largest economy, as policymakers navigate debt risks and trade tensions with the United States.

“The support to the economy from the easing of pollution controls should now largely have run its course,” said Liu Chang, China economist at Capital Economics in a note to clients.

“Slower growth is likely in the months ahead as the drags on economic activity from weaker credit growth and the cooling property market intensify.”

Signs of softness in the trade sector were already evident in the latest PMI, with the export orders sub-index falling to 50.7 from 51.3. Total new orders also eased slightly, though the sub-index for output remained steady.

There are worries that the tech sector, which burnished China’s solid exports growth in 2017, could come under pressure as the rising tensions between China and the United States threaten to hit billions of dollars in cross-border trade.

The high-tech manufacturing sub-index, however, pushed up this month to 53.8, compared with 53.2 in March.

“High-tech manufacturing continues to lead,” said Zhao Qinghe, a senior statistician with the NBS.

Growth in China’s services industry picked up in April, as the sector extended a solid run of strong activity.

The official non-manufacturing PMI rose to 54.8 from 54.6 in March.(SD-Agencies)

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