On Wednesday, January 2016, the Caixin China services PMI data for the month of December 2015 is due.
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The Caixin Purchasing Managers’ Index (PMI) fell to 48.2 in December, from 48.6 in November, contracting for a tenth month and coming in below a Reuters poll forecast for 49.0. That compared with a median estimate of 49.8 in a Bloomberg survey of economists. The non-manufacturing PMI rose to 54.4, the highest since August 2014.
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Any result above 50 indicates growth.
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Policy makers trying to meet Premier Li Keqiang’s goal of about 7% growth this year are also facing pressure from employment, which has been steady thanks to a resilient services sector.
Leaders at the annual Central Economic Work Conference last month pledged to make monetary policy more flexible and expand the budget deficit in 2016 to help underpin growth and reforms.
Ai Group chief executive Innes Willox said it is a welcomed turnaround for the manufacturing sector, which has been in the doldrums for much of the past five years.
Policymakers looking ahead to the new year are faced with old economic drivers that still aren’t showing any signs of a pick-up even amid fresh indications of strength in the new ones, despite six People’s Bank of China interest-rate cuts and stepped up fiscal stimulus. The IMF predicted further slowing growth in 2016, of 6.3 percent.
Although down 0.6 points on the 52.5 level of November, the reading marked the sixth consecutive month that the index held above the 50 level separating growth from contraction, making it the longest period of expansion since July 2010.
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“The manufacturing PMIs have been consistent with 5 to 6 per cent industrial production growth”.
