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China's PMI brightens in November, but analysts see darker side
来源：http://shippingazette.com/menu.asp?encode=eng 编辑：编辑部 发布：2019/12/04 11:34:10
CHINA's National Bureau of Statistics' manufacturing purchasing managers' index (PMI) rose to 50.2 in November from 49.3 in October - above the 49.5 predicted in a Bloomberg poll of analysts.
The corresponding measure for the construction and service sectors - the non-manufacturing PMI - rose to 54.4 in the month, beating analysts' expectations of 53.1 and October's figure of 52.8.
But Nomura Securities analyst Ting Lu said that a similar stronger-than-expected rise in the PMI numbers in March proved to be a false dawn, as the economy continued to flounder in the months that followed.
"We don't think such a rebound suggests a bottoming out of the economy, as strong growth headwinds remain, especially from the cooling property sector and China's worsening fiscal situation," he said in a note.
Said Zhongtai Securities analyst Liang Zhonghua: "The average PMI for October and November was still weaker than September - the economy has not stabilised yet. The economic trend has not changed. We must stay awake and not act rashly."
The corresponding measure for the construction and service sectors - the non-manufacturing PMI - rose to 54.4 in the month, beating analysts' expectations of 53.1 and October's figure of 52.8.
But Nomura Securities analyst Ting Lu said that a similar stronger-than-expected rise in the PMI numbers in March proved to be a false dawn, as the economy continued to flounder in the months that followed.
"We don't think such a rebound suggests a bottoming out of the economy, as strong growth headwinds remain, especially from the cooling property sector and China's worsening fiscal situation," he said in a note.
Said Zhongtai Securities analyst Liang Zhonghua: "The average PMI for October and November was still weaker than September - the economy has not stabilised yet. The economic trend has not changed. We must stay awake and not act rashly."