經濟報告 6月中國製造業繼續收縮大綱

Chinese manufacturing activity improved slightly in June, but still remained in contraction for the fourth consecutive month.

6月中國製造業活動略有升溫，但仍連續第四個月處於收縮狀態。

HSBC's 'flash' manufacturing PMI for June came in at 49.6, versus expectations of 49.4 and up slightly from a reading of 49.2 in May.

匯豐銀行(HSBC)6月“預覽版”採購經理人指數(PMI)爲49.6，略高於5月的49.2，原本預期爲49.4。

A reading above 50 indicates the sector is expanding, and the June figure means Chinese manufacturing activity has shrunk for a fourth consecutive month. That is the longest losing streak since the five-month period from January to May last year. February is the only month this year in which the sector grew, with a reading of 50.7.

若該指數高於50，表明製造業處於擴張之中，6月數據表明，中國製造業活動連續第四個月處於收縮。2月是今年中國製造業唯一擴張的月份，匯豐讀數爲50.7。

Markit economist Annabel Fiddes said the preliminary PMI survey provided a mixed bag of data in June:

Markit經濟學家安娜貝爾•菲德斯(Annabel Fiddes)表示，此次”預覽版“PMI調查表明6月數據好壞不一。

On the one hand, the sector shows signs of improvement as output stabilised amid a slight pick up in total new work, while purchasing activity also rose slightly over the month. On the other hand, manufacturers continued to cut their staff numbers, with the latest reduction the sharpest in over six years. This suggests that companies have relatively muted growth expectations as demand conditions both at home and abroad remain relatively subdued.

“一方面，製造業顯示出回暖跡象，新工作總量略有增加，產出企穩，同時6月採購活動也略有增加。另一方面，製造商繼續裁員，最新一次裁員數量爲6年多來最高。這表明，因國內外需求狀況相對減緩，企業的增長預期相對黯淡。”

The continued loss of growth momentum during the June quarter as a whole may suggest that policy makers step up their efforts to stimulate growth and employment in the second half of this year, Ms Fiddes added.

菲德斯補充稱，整個第二季度，中國製造業增長勢頭持續動力缺乏，這可能表明，政策制定者會在今年下半年加大力度刺激增長和就業。

China's official PMI readings for May showed the sector was marginally expanding, registering a reading of 50.2, having been 50.1 in April.

5月中國官方PMI數據表明，製造業略有擴張，讀數爲50.2，4月爲50.1。