China's industrial slowdown improving in September: Survey
2012-10-01 12:11:22
A new survey found that China's industrial growth continued to shrink in September, but improved from August, suggesting an economic slowdown has reached its lowest level, Reuters reported.
China Federation of Logistics & Purchasing's monthly purchasing managers' index stood at 49.8 points on a 100-point scale last month, up 0.6 points from August's numbers.
The index might indicate that China's deepest economic slowdown since the 2008 global crisis might be stabilizing.
However, officials, including President Hu Jintao, have expected conditions might deteriorate further before growth rebounds.
China's economic growth fell to a three-year low of 7.6 percent in the second quarter, impacting Chinese manufacturers and construction companies that depend on high growth.
China's cooling economy is attributed mainly to the government's tighter lending and investment rules, aimed to curb inflation and drive amore sustainable growth, but the country also has been hurt by the unexpectedly sharp decline in export demand.