Chinese manufacturing production increased steeply in December, albeit at the slowest rate in three months, reports the Wall Street Journal.
The newspaper says the HSBC China Manufacturing Purchasing Managers Index slipped to 54.4 in December from 55.3 in November. Input and output price inflation slowed, but were still stronger than average, adds the Journal.
"Inflation rather than growth still remains as the top policy concern, despite the moderation in December's manufacturing PMI reading," HSBC Chief Economist for China, Hongbin Qu, said in a statement obtained by the Journal.
HSBC notes that the data suggests that output growth was primarily domestic as new export business increased at a much slower rate than total new orders.
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