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Preliminary market data
compiled by HSBC suggest that
the mainland manufacturing
sector has barely grown. The
Flash Purchasing Managers'
Index fell to an 11-month low
of 50.1 in June.
Readings
above 50 indicate expansion.
An index tracking new orders
also dropped to its lowest
level since July 2010. The
bank's chief China economist,
Qu Hongbin, said the slowdown
was the effect of tightening
mainland policy measures, weak
external demand and inventory
destocking. He said worries
about an economic hard landing
were unwarranted.
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