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Chinese Factory Activity Declines
Date: 3/22/2012 8:01:00 AM Sender: VOA

Chinese Factory Activity Declines

Posted Thursday, March 22nd, 2012 at 6:20 am

A new report shows China＇s manufacturing sector has contracted for a fifth straight month in March, which could lead policymakers to ease the nation＇s monetary policy.

The purchasing manager＇s index from British banking giant HSBC fell to 48.1, a significant decline from the 49.6 figure posted in February. Any number below 50 indicates contraction, while any number above it indicates expansion.

Thursday＇s report is the latest disappointing news about China＇s manufacturing sector. Australian mining giant BHP Biliton announced earlier this week that China＇s demand for iron ore, a key component in manufacturing, is flattening.

The world＇s second-largest economy has slowed due to the European debt crisis, which has driven down demand for Chinese-made goods. The central bank has cut the nation＇s official growth target for 2012 to 7.5 percent. Policymakers are expected to cut interest rates and allow banks to lower their cash reserves.

Beijing imposed tighter monetary controls last year in order to slow inflation, which officials fear will lead to social unrest.

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