By Zhang Monan (
Global Times)
08:34, September 05, 2012
HSBC's China purchasing managers' index (PMI), a measure of manufacturing activityin the country, declined to 47.5 in August, down from a reading of 49.3 in July and thelowest level since March 2009.
The contraction in output among Chinese manufacturers is largely attributable to theirfalling incentives to expand production and improve efficiency while the demand outlookon the global market appears so gloomy.
Last year, exports accounted for 30 percent of China's GDP, more than any othercountry. With the economy still heavily reliant on exports, a recession overseas willinevitably lead to a drop in orders for local manufacturers.
The poor demand forecast has also discouraged local factories from investing inimproving their manufacturing technology. While demand wanes and inventories mount,few manufacturers are currently motivated to invest in expensive new equipment orfacilities they expect to get little use out of.
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Comments（Editor：厉振羽、张洪宇）
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