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Asian stocks rose on news that China's manufacturing sector was expanding, though gradually. August figures show a slight increase in activity, suggesting some resilience in China's economy amid the global economic turmoil. But analysts are still concerned about rising inflation.
China's manufacturing sector strengthened slightly in August. The industry group, China Federation of Logistics and Purchasing said its purchasing managers' index rose 0.2 points, indicating a gradual expansion of activity.
The data suggests some resilience in China's economy, after analysts downgraded their outlooks fearing the global economic turmoil would hit exports.
The strongest growth was in demand for food, beverages, telecommunications and electronics equipment, the survey found. Demand for components and raw materials weakened.
But an analyst with the group, Shang Liqun said the outlook was uncertain, with a big drop in new export orders suggesting exports would weaken.
Asian stocks rose on the news with many looking to China's economy amid global uncertainty.
But doubts remain about the ruling regime's ability to contain inflation, which rose to a 37-month high of 6.5 percent in July.
Authorities have lifted interest rates and tightened lending criteria to slow the growth, which is driving up the price of basics like food.
Ben Yang
