Monday, October 6, 2008

China's economic juggernaut is faltering.

The latest sign of a slowdown came with the Oct. 2 release of September figures on the health of China's manufacturing sector.

The data, the CLSA China Manufacturers Purchasing Managers Index (PMI), showed the steepest fall in volumes of new orders since the monthly survey began in June 2004; registering 47.7, it was well below the 50 boom/bust cutoff.

"This is a tsunami that starts in America, blowing across the globe and arriving at our doorstep," says Alex Fong, CEO of the Hong Kong General Chamber of Commerce. "Manufacturers [whose operations are all in China] have to be prepared for the worst."

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