China`s manufacturers enjoy eight months of growth

Time:2009-11-09 Browse:19 Author:RISINGSUN

CHINA`s manufacturing sector expanded for the eighth month in a row in October, according to the China Federation of Logistics and Purchasing.
After China`s third quarter GDP rose 8.9 per cent, the industry group announced that its purchasing managers index (PMI) increased to 55.2, nearly a point higher than the previous month on the 100-point scale with numbers above 50 indicating growth.
In October seven of the 11 categories measured in the survey of 700 companies increased, reports The Associated Press. Imports, which largely contain materials to be processed as exports, posted a 2.1 point gain while new orders rose 1.7 points from the previous month.
"These figures mean that China`s economic growth will continue to accelerate in the next few months," said Zhang Liqun of the Development Research Centre.
The report added that China`s petrochemical industry received a boost from the Commerce Ministry after it imposed tariffs of up to 35.4 per cent on imports of adipic acid from the US, European Union and South Korea to stop alleged dumping of the chemical. Adipic acid is an ingredient in nylon and polyurethane and other resins used in manufacturing