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"Growth in China's manufacturing sector has started to stabilize on the back of a modest rebound of new orders and output," said HSBC's chief China economist, Qu Hongbin. "This was mainly driven by the initial filtering through of recent stimulus measures and companies' restocking activities." China's leaders say they're comfortable with slower growth as they try to steer the economy away from an export-driven model to one based on domestic consumption. They've opted for measures to bolster individual areas of the economy such as railways and small businesses rather than an across-the-board stimulus. Analysts said the upbeat manufacturing reports ease pressure on policymakers to unleash more stimulus. HSBC's survey, based on responses from 420 companies, confirms a preliminary version released last month. Other recent signs of possible improvement in China's economy include a 10.9 percent surge in July imports that beat expectations, while exports grew 5.1 percent.
[Associated
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