China's manufacturing activity expanded at a slower pace last month, according to a survey by CLSA Asia Pacific Markets, signaling that the world's fastest growing major economy may cool.
The Purchasing Managers Index fell to 52.8 from a 31-month high of 55.2 in October, CLSA said in a statement today. The index of new orders sank to 54.5 from 59 and the measure for export orders dropped to 52 from 52.7. A reading above 50 indicates an expansion.
"China's economy may decelerate next year, mostly because of slowing exports, as indicated by the falling orders," said Sun Mingchun (孫明春), an economist at Lehman Brothers Holdings Inc in Hong Kong, citing expectations that global growth will cool.
China's economic expansion would probably slow to 10.8 percent next year as exports and investment cool, according to a report published today by the State Information Center, a government think tank. The economy has grown more than 11 percent for the past three quarters.
China's Politburo said on Nov. 27 that preventing the economy from overheating will be a key goal for next year. The Communist Party's ruling council wants to cool surging investment that may leave the country with idle factories and bad loans if a global slowdown curbs demand for exports.
Investment slowed partly after China's banking regulator told banks to limit lending to curb the ability of companies to finance production expansion, Sun said.
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