Tue, Mar 03, 2009 - Page 12 News List

PRC manufacturing contracts: CLSA

AP , SHANGHAI

Chinese manufacturing contracted again last month, but at a slower rate than the previous month, a survey of factories issued yesterday by brokerage CLSA showed.

CLSA’s purchasing manager’s index (PMI) — based on a survey of about 400 companies — showed manufacturing shrank last month for the seventh straight month.

The survey came as China’s legislature and a top government advisory body gathered in Beijing for annual meetings that are widely expected to yield further measures to stimulate the economy.

CLSA’S PMI stood at 45.1 last month on a 100-point index where a score below 50 signifies activity contracting.

That was up from January’s 42.2, but the fourth worst month on record.

“The rate of contraction remained marked, reflecting a reduction in global demand and an uncertain economic outlook,” CLSA said in a statement.

A broader survey by the government-sanctioned China Federation of Logistics and Purchasing is expected later this week.

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