May 1 (Bloomberg) -- Chinese manufacturing expanded at a faster pace in April, highlighting overheating risks in the world’s fastest-growing major economy.
The Purchasing Managers’ Index rose to a seasonally adjusted 55.7 from 55.1 in March, the Federation of Logistics and Purchasing said in an e-mailed statement today. That was less than the median 55.9 estimate in a Bloomberg News survey of 14 economists. Readings above 50 indicate an expansion.
China is cracking down on property speculation to prevent asset bubbles and restrain inflation after the economy grew 11.9 percent in the first quarter. Europe’s debt crisis makes an immediate interest-rate increase in China less likely and could delay gains in the yuan by signaling weakness in the global economy, according to Bank of America-Merrill Lynch.
“There are signs of overheating pressures although government measures are helping to cool the property market,” Chang Jian, an economist at Barclays Capital Asia Ltd., said in Hong Kong before today’s report. “The government will be monitoring closely developments in Europe when making decisions on policy moves.”
Chang said interest rates could rise later this quarter as inflation pressures grow.
New Orders
An output index rose to 59.1 from 58.4 in March, the new- order index advanced to 59.3 from 58.1 and the export-order index stayed unchanged at 54.5. An input-price index increased to 72.6, the highest in 22 months.
Today’s PMI figure compares with a record-low 38.8 in November 2008, when the credit crisis and recessions in overseas markets sent export orders plunging. The economy rebounded on the 4 trillion yuan ($586 billion) stimulus plan announced that month and record new loans from banks. more...
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