Economy / China
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China
May 2008 | Ratings UpdateSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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Manufacturing activity in April, as measured by the purchasing managers' index (PMI), expanded at the fastest pace ever recorded, as new domestic orders soared to compensate for the first decline in new export orders in three months. The index rose to 59.2 in April from 58.4 in March after new domestic orders surged 1.2 points to 65.0, while new export orders declined to 58.9 from 59.1 in March. Although this underscores our view that economic activity in China will remain robust in Q208, April's PMI also highlights the risk posed by raging inflation, as input prices rose for the third consecutive month to a mammoth 75.1.