(Yicai Global) Dec. 1 -- Caixin’s manufacturing PMI, one of the two main gauges of factory activity in China, rose to 54.9 last month, reaching a decade-long high as economic recovery continues with Covid-19 contained.

The Caixin PMI rose 1.3 from 53.6 last month, according to the benchmark that financial media outlet Caixin published today.

The PMI for manufacturing, which tracks mostly large state firms, climbed to 52.1 this month from October’s 51.4, per statistics the National Bureau of Statistics issued today, the strongest growth since September 2017.

The Caixin PMI, also known as the Caixin-Markit PMI, surveys 500 businesses that are typically smaller and private.

The non-manufacturing PMI, which reflects activity in the services and construction sectors, rose to 56.4 from 56.2 the month before, the NBS data indicates, the swiftest pace of increase since June 2012.

The official PMIs track mainly large and state-backed businesses. A reading above 50 signals expansion.

China will be the world’s sole major economy to expand this year, the International Monetary Fund said on Oct. 13. The IMF lifted its annual growth outlook for China to 1.9 percent from 1 percent. It foresees that figure hitting 8.2 percent next year.

Editor: Ben Armour