Chinese companies buying Aussie coal ramp up growth
THE Chinese companies most likely to be buying coal from New South Wales and Queensland are ramping up, with newly released figures showing while manufacturing growth had slowed but was still moving forward.
Market analysts HSBC asked 400 manufacturing and service firms in the Asian superpower for a review of how December went, and the results are good.
For the fifth month in a row, these businesses said their work was increasing.
China's manufacturing and services industry consume Australia's metal-making coal and iron ore, which is combined to create steel.
Good news for China's heavy industry can suggest a helpful flow-on effect to Australia's own resources industry.
HSBC China chief economist Hongbin Qu said he expected manufacturing to continue to grow, particularly as China cuts red tape for private firms.