China's manufacturing PMI rises to highest level in 2020


BEIJING (China Daily/ANN): China's purchasing managers index for the manufacturing sector rose to 52.1 in November, the highest level of the year, indicating recovery in the sector is speeding, the National Bureau of Statistics said on Monday (Nov 30).

The PMI, a key barometer of the health of the nation's manufacturing sector, came in at 52.1 in November versus 51.4 a month earlier, with sub-gauges of production and new market orders improving to the best levels of the year, the NBS said.

A reading above 50 indicates expansion, while one below that reflects contraction.

"The internal (growth) impetus of the manufacturing sector has continuously risen with an improved circulation between supply and demand," said Zhao Qinghe, a senior NBS statistician.

Zhao added the sub-gauges of new export orders and imports also rose to the highest levels of the year in November, pointing to a sustained recovery in the nation's foreign trade.

Yet the recovery of the manufacturing sector was still unbalanced, as the PMI of the textile and clothing sector remained below the 50 mark, while some exporters reported the recent appreciation of the renminbi has put pressure on export orders.

In addition, non-manufacturing PMI rose to 56.4 in November. The composite PMI, covering manufacturing and non-manufacturing sectors, improved to 55.7.

Both readings were at their highest for the year, indicating a steady recovery of the Chinese economy, the NBS said.

With the economy continuing to increase its pace of rebound, GDP growth for the fourth quarter of the year may rise to 5.9 per cent year-on-year compared with the third quarter's 4.9 per cent, according to a report from the China Macroeconomy Forum, an institution backed by the Renmin University of China.

The acceleration of the recovery in domestic demand may continue into the first quarter of 2021, the report alleged, as supply-side focused macro policy supports gradually penetrate the demand side. - China Daily/Asia News Network

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

China , manufacturing , PMI , November

   

Did you find this article insightful?

Yes
No

Next In Aseanplus News

Indonesia: After seeing floods, Joko now visits quake zone
Lam: Hong Kong to extend Covid-19 social distancing measures; civil servants to work home until Jan 27
Low numbers but Laos health ministry urges continued vigilance against Covid-19
Philippine President Duterte praises safety of Chinese Covid-19 vaccine
Samsung heir Lee returns to familiar prison after ruling
Asia shares look to China for recovery lead, earnings in focus
Vietnam steps up 'chilling' crackdown on dissent ahead of key Communist Party congress
China reports over 100 new Covid-19 cases for seventh day
Pandemic reveals hidden poverty in wealthy Japan
PLA troops in South China Sea learn ‘essential’ battlefield English

Stories You'll Enjoy