China’s manufacturing sector made a modest recovery last month, boosting confidence that the economy will avoid a hard landing this year as Beijing strives to cool the property market and restrain bank lending.
Equity markets in Asia and some commodity prices rose yesterday after two separate business surveys showed signs that manufacturing was stabilising after several months of slowdown, although shares fell on the Chinese mainland.
The government’s purchasing managers’ index rose from 51.2 in July to 51.7 last month, while a separate index compiled by HSBC bank rose from 49.4 to 51.9.
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