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By Bloomberg News Jun 3, 2014 3:40 AM CT
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China's Growth Remains `Uneven': CIMB's Song
China's Economy Seen Stabilizing, AMP's Oliver Says
A Chinese manufacturing gauge rose to a four-month high, signaling that the
economy is stabilizing even as job cuts and weakness in the property market
underscore pressure on the government to do more to support growth.
A Purchasing Managers’ Index (MXAP) from HSBC Holdings Plc and Markit
Economics was at 49.4 in May, up from 48.1 in April. At the same time, the
number was below the 49.7 median forecast in a Bloomberg News survey of
analysts.
The government will cut reserve requirements for some banks, boost support
for small businesses and speed up spending of budgeted funds, as Premier Li
Keqiang seeks to meet an official expansion target of about 7.5 percent this
year. Authorities are contending with a property slump that threatens
growth while they try to sustain efforts to limit shadow banking, pollution
and corruption.
“The final PMI reading for May confirmed that the economy is stabilizing,
but it is too early to say that it has bottomed out, particularly in light
of a weaker property sector,” Qu Hongbin, HSBC’s chief China economist in
Hong Kong, said in a statement. “Stronger policy support is warranted,”
and “we expect both monetary and fiscal policy to be loosened gradually
over the coming months,” Qu said.
Asian stocks pared gains after the report, which was below the preliminary
reading of 49.7, before rebounding. The MSCI Asia Pacific Index rose 0.5
percent as of 5:18 p.m. in Tokyo. China’s benchmark interest-rate swaps
fell after the May 30 statement on reserve requirements. The nation’s
financial markets were closed yesterday for a holiday.
Official Gauges
A state-backed PMI rose to a five-month high of 50.8 last month, according
to a report June 1. The official non-manufacturing PMI increased to 55.5 in
May, the highest since November, a separate release showed today.
Numbers below 50 signal contraction. Estimates for today’s final figure
from 16 economists ranged from 49.5 to 49.9. The HSBC-Markit report is based
on survey responses from more than 420 companies, while the government’s
PMI comes from 3,000 enterprises.
While the HSBC-Markit survey showed new export orders expanding at the
fastest pace in more than four years, it also indicated that companies
accelerated job cuts to the quickest rate in three months.
The central government has intensified steps to sustain growth in recent
weeks, even after Chinese President Xi Jinping said the nation needs to
adapt to a “new normal” in the pace of expansion.
Bank Reserves
The State Council, or cabinet, said May 30 it will cut the reserve-
requirement ratio for lenders that have extended a certain amount of loans
to rural borrowers and smaller companies. The People’s Bank of China will
set up a re-lending facility for smaller companies and has set this year’s
quota at 50 billion yuan ($8 billion), state television reported May 31.
The Finance Ministry on May 28 called for faster spending of budgeted funds.
Guangdong province, the largest regional economy, will allocate 64.7
billion yuan to support growth, according to a May 27 report on the local
government’s website.
The world’s second-largest economy is projected to grow 7.3 percent this
year, which would be the weakest pace since 1990, according to a survey of
analysts in May. Expansion slowed to 7.4 percent in the first quarter from a
year earlier, compared with 7.7 percent in the previous period.
Nomura Holdings Inc. raised its second-quarter growth forecast to 7.4
percent from 7.1 percent, reflecting improvement in the PMI indicators and
the “intensification of policy easing measures already taken, with more
expected,” according to a note today from analysts led by Zhang Zhiwei,
chief China economist in Hong Kong.
Demographic Challenges
China faces demographic challenges that could limit longer-term growth after
more than three decades of a policy that limited most couples to one child.
Leaders decided last year to let families have a second infant if either
parent is an only child.
The working-age population will shrink to about 900 million by 2020 and 850
million by 2028, according to estimates given at a briefing in Beijing today
by Zhai Zhenwu, a professor at Renmin University of China who advises the
government on family-planning policy. The statistics bureau said in January
that the working-age population, defined as those ages 16 to 59, fell 2.4
million in 2013 to 919.5 million.
The government isn’t willing to do everything possible to maintain its
working-age population at 900 million and will instead seek economic growth
by improving “population quality” and through science and technology, Yang
Wenzhuang, a department director-general at the National Health and Family
Planning Commission, said at the briefing.
Population Peak
China’s broader population will peak at about 1.46 billion by 2030, rising
from 1.36 billion in 2013, Yang said. The nation will seek a greater
contribution from older citizens, Yang said. The government said last year
it’s planning to raise the retirement age for the first time since the
1950s.
The country has 10 million couples qualified to have a second child under
the revised policy, according to a statement handed out at the briefing.
Allowing anyone to bear a second infant would give 139 million women the
right to do so, which would challenge health-care and education facilities,
indicating that China needs to maintain strict birth controls, according to
the statement from the briefing held at China’s Ministry of Foreign Affairs.
To contact Bloomberg News staff for this story: Scott Lanman in Beijing at
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: http://www.bloomberg.com/news/2014-06-03/china-hsbc-manufacturi
: By Bloomberg News Jun 3, 2014 3:40 AM CT
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