(Yicai Global) Nov. 1 -- China's manufacturing and non-manufacturing Purchasing Managers Index for October both hit a new high this year, showing the economy has picked up, the latest government data shows.
China's PMI was 51.2% for October, 0.8 percentage points higher than last month, for the third consecutive month above the confidence threshold, China's National Bureau of Statistics announced today on their official website.
The index of production and new orders index were 53.3% and 52.8%, up 0.5 and 1.9 percentage points higher than last month, were this year new high, showing production and market demand and expansion accelerated, said Zhao Qinghe, senior statistician at the national bureau of statistics survey center services department.
The high technology and equipment manufacturing industries' PMIs were 53.7% and 52.3% respectively, an increase of 1.3 and 0.4 percentage points from last month, a high for the year, indicating the continuous momentum in China's economy.
The statistics bureau also recorded that the non-manufacturing PMI was 54%, up 0.3 percentage points from the previous month, indicating the sector's growth rate continued to accelerate.
The rail transport, air transport and tourism industry indices were above 55% in a higher range, business volume grew rapidly, driven by the National Day holiday. However, however the water transportation, securities and repair industry indexes were located below the confidence threshold, said Zhao Qinghe.