The Chinese industry continued its recovery course in November. China’s factory activity expanded at the fastest pace in more than three years in November. The official manufacturing purchasing managers’ index (PMI) rose to 52.1 from 51.4 in October, data from the national statistics bureau NBS showed on Monday. It was the highest PMI value since September 2017. The 50-point mark separates growth from contraction on a monthly basis.
Analysts polled by Reuters had only expected an increase to 52.1 percent. China’s huge industrial sector is steadily returning to pre-pandemic activity levels among key trading partners, regardless of the second corona wave.
The service sector also grew in November. The official purchasing managers’ index (PMI) for non-manufacturing companies rose to 56.4 from 56.2 in October, according to data from the NBS. China’s service sector includes many smaller private companies that are recovering more slowly from the corona pandemic than manufacturing. Discount campaigns around “Singles Day” on November 11th, however, resulted in a strong e-commerce business in November and strengthened confidence in small and medium-sized companies. (apa / Reuters)