- Flash China Manufacturing PMI™ at 49.6 in January (50.5 in December). Six-month low.
- Flash China Manufacturing Output Index at 51.3 in January (51.4 in December). Three-month low.
The marginal contraction of January’s headline HSBC Flash China Manufacturing PMI was mainly dragged by cooling domestic demand conditions. This implies softening growth momentum for manufacturing sectors, which has already weighed on employment growth. As
inflation is not a concern, the policy focus should tilt towards supporting growth to avoid repeating growth deceleration seen in 1H 2013.