MARKET WATCH

The manufacturing industry shows signs of recovery as reflected by a rebounding PMI.The initial public offerings market withers due to less than favorable stock markets.Chinese shipbuilders reel from decreasing orders as external demands falter.The mobile payment industry bursts with vitality,though the security issue remains an acute concern.Foreign banks in China lag behind their local competitors in terms of profitability owing to limited ability to attract deposits.By HU YUE