Ma Jiantang,
head of National
Bureau of Statistics
China’s economy could be starting to turn around, led by the manufacturing industry, according to the country’s statistics chief.
Ma Jiantang, Director, National Bureau of Statistics, says the $800 billion stimulus package is starting to work. He pointed to the official Purchasing Managers’ Index which has just recorded its first expansion in six months.
It was reported by the Australian Broadcasting Commission that he said lower real estate prices have pushed up residential property sales, which could indicate increased consumer spending.
Opposing this last this week, independent brokerage CLSA Asia-Pacific Markets found that manufacturing had declined for March.
Some are attributing this contradiction to a smaller sample size.
Business leaders are hoping that the Government figures are more accurate and that China’s economic slump has already hit the bottom and will soon turn around.