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szdaily -> Business/Markets -> 
Factories in Guangdong contracting, PMI shows
    2018-09-05  08:53    Shenzhen Daily

FACTORIES in China’s largest regional economy didn’t do well last month, raising questions about the resilience of the economy.

The manufacturing purchasing managers index (PMI) for Guangdong Province dropped to 49.3 in August, according to the local government’s economic and information commission. That’s the first time the gauge has dropped below the line of 50 — which separates expansion and contraction — since early 2016.

Guangdong, boasting an economy as large as Australia’s, is a major manufacturing hub and accounts for almost a third of China’s exports. It’s also home to some of the nation’s largest corporations including Tencent Holdings Ltd. and Huawei Technologies Co.

The gauge shows both domestic pressure and “negative impact from rapidly changing international economic and political factors,” the government agency said.

That’s in line with the declining trend of another private factory gauge and early indicators gathered by Bloomberg, while the official nationwide manufacturing PMI edged up in August.

The private Caixin gauge and Guangdong’s PMI both showed that “export-oriented companies have already been affected by the trade war, and this will spread to other coastal regions,” said Bloomberg economist Wan Qian. Domestic policies such as boosting infrastructure and credit easing will underpin the economy, yet they won’t lift exporters as much, she said. “The difficulties for exporters will not turn around within in a few months,” Wan said.(SD-Agencies)

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