New export orders for smaller manufacturers in China jumped in the month, according to a survey of more than 500 firms by Standard Chartered Plc. Export-focused companies in the survey also said they expect faster sales, output, and new orders in the next three months.
Domestic demand was “subdued” though, according to the survey, with the index for overall conditions improving slightly while the gauge for production remained unchanged. “Services sector business activity has improved, while the performance of the manufacturing sector has softened further,” Standard Chartered’s economists, Hunter Chan and Shuang Ding, wrote in a report accompanying the survey.
“The current performance sub-index for manufacturing SMEs dropped further to a nine-month low as production and new orders growth eased, despite a strong recovery in new export orders,” they said. Stockpiles of iron rebar were at their lowest since mid-January this year as construction and steel output continues to slow. While low stockpiles are usually a good sign for the economy as it indicates strong construction demand, the nation’s property turmoil in recent weeks has curbed construction activity and roiled metals markets.and use the money to boost infrastructure investment as a way to support growth.
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