Expansion of manufacturing industry in China indicates strong economic recovery
New data revealed that the growth in the manufacturing sector surpassed earlier predictions
Based on the monthly surveys conducted separately by the National Bureau of Statistics (NBS) and Caixin/Markit, activity in the manufacturing industry indicated a much healthier recovery compared to previous forecasts, reported financial services site ShareCafe.
The NBS data on the manufacturing purchasing managers index grew to 51.5 in September, surpassing predictions and the 51.0 reading last August.
As for the survey by Caixin/Markit, the index surged to 53 in September, which is similar to the August reading.
On the other hand, the service sector has also seen much improvement in September as the recurring concerns over COVID-19 and weak consumer spending ended in summer.
The official non-manufacturing PMI of China, covering both service and construction sectors, rose to 55.9 in September, a jump from the 55.2 reading a month before and is the highest recorded since November 2013.
Both these surveys indicate growing demand from markets overseas. For the first time in 2020, the official export-order subindex soared into the expansionary territory, whilst the survey from Caixin revealed that export orders reached a three-year high.
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