经济报告 6月中国制造业继续收缩大纲

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

6月中国制造业活动略有升温，但仍连续第四个月处于收缩状态。

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.

汇丰银行(HSBC)6月“预览版”采购经理人指数(PMI)为49.6，略高于5月的49.2，原本预期为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.

若该指数高于50，表明制造业处于扩张之中，6月数据表明，中国制造业活动连续第四个月处于收缩。2月是今年中国制造业唯一扩张的月份，汇丰读数为50.7。

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

Markit经济学家安娜贝尔•菲德斯(Annabel Fiddes)表示，此次”预览版“PMI调查表明6月数据好坏不一。

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，制造业显示出回暖迹象，新工作总量略有增加，产出企稳，同时6月采购活动也略有增加。另一方面，制造商继续裁员，最新一次裁员数量为6年多来最高。这表明，因国内外需求状况相对减缓，企业的增长预期相对黯淡。”

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.

菲德斯补充称，整个第二季度，中国制造业增长势头持续动力缺乏，这可能表明，政策制定者会在今年下半年加大力度刺激增长和就业。

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月中国官方PMI数据表明，制造业略有扩张，读数为50.2，4月为50.1。