China’s Manufacturing PMI Logs Fastest Gain in Over Three Years in November
Zhang Yushuo
DATE:  Nov 30 2020
/ SOURCE:  Yicai
China’s Manufacturing PMI Logs Fastest Gain in Over Three Years in November China’s Manufacturing PMI Logs Fastest Gain in Over Three Years in November

(Yicai Global) Nov. 30 -- Factory activity in China, which is likely to be the sole major economy to expand this year, extended its growth streak into a ninth consecutive month in November after increasing at the fastest rate in more than three years, official figures showed.

The purchasing managers' index for manufacturing, which tracks mostly big state-backed companies, rose to 52.1 this month from 51.4 in October, according to data the National Bureau of Statistics released today. That was the strongest growth since September 2017.

The non-manufacturing PMI, which reflects activity in the services and construction sectors, rose to 56.4 from 56.2 the previous month, per the NBS data. That was the fastest rate 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 only major economy to expand this year, the International Monetary Fund said on Oct. 13. The IMF raised its annual growth forecast for China to 1.9 percent from 1 percent. It expects the figure to reach 8.2 percent next year.

Editor: Ben Armour

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Keywords:   PMI