HONG KONG, Dec. 3 (Xinhua) -- A private survey showed Thursday that the business activity in China's Hong Kong Special Administrative Region (HKSAR) rebounded to the highest level in more than two years, an encouraging sign for an economy reeling from COVID-19.

The Purchasing Managers' Index (PMI) of Hong Kong compiled by consulting firm IHS Markit climbed to 50.1 last month from 49.8 in October, the strongest reading since March 2018.

The latest PMI data indicated a broad stabilization in Hong Kong's private sector conditions midway through the fourth quarter, the IHS Markit report said, stressing that business purchasing activity was broadly stable as input inventories accumulated for the first time in nearly two years.

However, business confidence remained negative due to COVID-19, according to the report.

"The average PMI reading of 49.9 for the fourth quarter so far is the highest for nearly three years and consistent with annual GDP growth," Bernard Aw, principal economist at IHS Markit, said but warned that a global resurgence of COVID-19 cases and measures to contain fresh waves of infections locally are posing downside risks to the recovery.

Hong Kong's GDP slipped 3.5 percent from a year ago in the third quarter of 2020 and the HKSAR government predicted the economy will decline 6.1 percent for the whole year. Enditem

Related

Go to Forum >>0 Comment(s)