Manufacturing slows in March to 8-month low
The HSBC China flash manufacturing PMI fell to an eightmonth low in March, deepening concern that the Chinese economy might not meet its 7.5 percent growth target in 2014.
The preliminary Purchasing Managers’ Index from HSBC Holdings Plc dropped to 48.1 from 48.5 in February.
Contrary to expectations of a mild rebound as activity normalized after seasonal distortions, China’s growth momentum continued to slow following the Lunar New Year.
First-quarter GDP growth is likely to fall below the annual growth target of 7.5 percent, according to an HSBC report.
The report found that domestic demand has weakened at a pace similar to that seen in the middle of last year, which is likely due to slowing investment growth, a softer property market and continued efforts to eliminate excess industrial capacity. (Photo 4)
A male contestant wearing an ancient traditional Chinese woman’s costume takes part in the first annual pole dancing contest in Southwest China’s Chongqing city on March 19. The contest attracted contestants between the ages of 15 and 50.