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— This is the script of CNBC's news report for China's CCTV on December 2, Monday.
Welcome to the CNBC Business Daily.
China's factory activity stood at an 18-month high in November, with the PMI reading at 51.4, defying expectations for a slow down. The forward looking sub index for export orders edged up to 50.6.
Meanwhile, the final HSBC-Markit PMI for November came in at 50.8 - an improvement from the preliminary reading.
Beijing has indicated its willingness to accept slower growth in exchange for economic reforms, so does the Communist Party now have the green light to push ahead with its policy agenda? Here's what CNBC's guests had to say:
[Soundbyte on tape by Michael Klibaner, Regional Director & Head of Research, China, Jones Lang LaSalle] Our clients are going into 2014 much more optimistic than they were a year ago. I think the whole concern about the hard landing is really off the table at this point.
[Soundbyte on tape by Michael Kurtz, Global Head of Equity Strategy, Nomura] China's getting a bit of a tailwind now from the pick up in developed markets. We are seeing export performance in Asia starting to show a little bit of vibrancy again. China of course, while the stock market is not particularly export-intensive, is nonetheless still a 30-35% export to GDP economy. Exports helped to carry China's growth along, but we have to acknowledge that we've already seen some slowdown in credit creation in China. And while it usually takes several months before Chinese monetary policy begins to impact the real economy, with credit beginning to slowdown, I think we can still assume that China is on its way to lower GDP numbers in the first part of 2014. That's not necessarily bad for stocks though if it less excess capacity and therefore more pricing power and stable margins for Chinese companies.
[Soundbyte on tape by Jing Ulrich, Managing Director and Vice-Chairman of Asia Pacific at JP Morgan] We're seeing the Chinese economy stabilizing nicely in the last several months and this is providing a very supportive backdrop for structural reforms going forward. If you look at the Chinese economy today, the manufacturing sector has been firmly in expansionary territory for a number of months now. Going forward, we're anticipating a series of reforms in SOEs, financial sector, fiscal and tax reform etc. So a stable growth environment actually provides a very stable and supportive backdrop for ongoing reforms.
Li Sixuan from CNBC's Singapore headquarters.