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China PMI shows domestic demand resilient

11-02-2011 10:37 BJT

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The just released figures of China’s PMI confirm that overseas demand for Chinese-made products continues to declined sharply, while domestic demand drops only slightly.

The new export orders index dropped to below 50 as global uncertainties weigh. The new orders index, representing domestic demand fell to 50.5 from 51.3 in September, still above the 50 threshold.

High-polluting and high energy consumption industries saw the biggest declines. This year in China, imports are outpacing exports - indicating an important shift in the nation’s economy - by decreasing the trade surplus, China’s reliance on foreign demand is also lessened.

Officials welcome the shift.

Cai Jin, deputy director of China Federation of Logistics & Purchasing, said: "The outlook for overseas demand is not optimistic, due to the debt crisis in Europe and the U.S. And there are still no effective solutions to the issue. Markets around the world are all tumbling. Domestic demand has dropped a little, but the change in structure is positive. "

Zhong Liqun, with State Council Development & Research Center, said: "The trade surplus contributed to seven percent of the national GDP in 2008, the figure has come down to around four percent. Volatile external markets are leading to uncertainties for our exports, so we should focus on enhancing domestic demand for now. With that, we can try to have a more sustainable development in China, and also do our bit to help pull the global economy out of the slump."

 

Editor:Zhang Rui |Source: CNTV.CN

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