Burton Mills: China to Meet Growth Forecast
Burton Mills: With strong activity in the manufacturing sector, China looks set to meet this year's economic growth forecast.
TAIPEI, Taiwan, October 3, 2017 (Newswire.com) - Burton Mills: As China’s 12-month construction boom and increased prices created a significant profit for the industry, the country’s manufacturing sector showed increased activity for the 14th consecutive month last month.
According to analysts at Taipei, Taiwan based Burton Mills, growth in China’s manufacturing sector in September was at a slower pace than in August.
According to the predictions of economists, the official manufacturing Purchasing Managers’ Index (PMI) was expected to reveal a figure of 51.5 for the month of September, slightly less than August’s figure of 51.7
The 50-mark is what separates contraction from expansion on a month-to-month basis.
China’s manufacturers are boasting strong revenues, spurred by state-led infrastructure upgrades, an impressive recovery in exports and higher factory-gate prices.
Due to increasing commodity prices, growth at China’s industrial companies cranked up to its most rapid pace in four years in August.
China iron ore futures have decreased by more than 20 percent over the last month amid concerns over a dramatic drop in demand in the coming months.
Although there are some indications that momentum is beginning to wane, it looks as though China will easily to meet the government’s official annual target of 6.5 percent economic growth after the economy grew by a better than anticipated 6.9 percent in the first 6 months of this year.
Steel mills continue to run at full capacity in an attempt to take advantage of significant profit margins and stockpile inventories in anticipation of government imposed restrictions on production, which will be implemented to reduce severe air pollution in winter.
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Source: Burton Mills