China’s factory activity is on the rise again! For the second month in a row, November saw growth in manufacturing, a positive sign for the world’s second-largest economy.
The manufacturing purchasing managers’ index (PMI) climbed to 50.3 in November, up from 50.1 in October. Any number above 50 indicates expansion, so this is great news.
What’s driving this growth? Key areas like new orders, production expectations, and purchasing volumes have seen significant improvements. In fact, four main indices reached a seven-month high!
Economist Zhang Liqun from the National Bureau of Statistics (NBS) says this continued increase shows clear signs of recovery. Recent policy measures are boosting business confidence and having positive effects on the broader economy.
While the non-manufacturing PMI dipped slightly to 50.0, the overall composite PMI held steady at 50.8, indicating stable economic performance.
Analysts believe these positive trends will keep going. Market demand and supply are growing steadily, new economic drivers are picking up speed, and business expectations are rising. All this reinforces a trend of economic stabilization and recovery.
The data suggests China’s economy is gaining momentum, with indicators pointing to stronger growth prospects in the coming months, according to the NBS.
Reference(s):
China's factory activity expands for second month in November
cgtn.com
