HSBC: January China's new manufacturing orders hit fastest growth in more than 5 years

China New Society--Xu Yuiping, Shanghai, February 1 (Xinhua) HSBC released its January 2010 survey data on China's manufacturing industry today, saying new orders for Chinese manufacturing in January saw the fastest growth in more than 5 years as foreign markets turned strong. HSBC noted that China's manufacturing output rose for the 10th consecutive month in January, and Chinese manufacturers, which boosted production, generally said the increase was linked to new business growth from abroad. Data show that in January China's manufacturing new orders volume hit the fastest growth since April 2004.　　HSBC Analytics said the new business growth is the result of strong market demand.　　The survey also showed that the upturn in the economic environment had also contributed to a pick-up in consumption, with China's export sales increasing in January, in stark contrast to the severe recession in early 2009. According to the survey, January a series of raw material prices, causing China's manufacturing industry's overall cost burden soared.　　The price of brass, copper, oil, steel and zinc rose more than 1 months ago, and prices have been rising for 7 months, adding to the rising demand for Chinese manufacturing products. Qu Hongbin, HSBC's chief economist, said the findings implied stronger growth in the Chinese economy in the first quarter of this year. However, rising input and output prices suggest that inflationary pressures are rising, "which is likely to prompt more austerity measures in the coming months".