Monday, December 11, 2023

China’s economy has strengthened and factory activity is growing again

BEIJING, Sept 30 (Reuters) – China’s factory activity grew in September for the first time in six months, according to an official survey published on Saturday, adding to a series of indicators suggesting that the second the world’s largest economy started at the bottom.

The Purchasing Managers’ Index (PMI), based on a survey of major manufacturers, rose from 49.7 to 50.2 in September, according to the National Statistics Office, surpassing the 50-point level that separates contraction from expansion. The reading exceeded the forecast of 50.0.

The PMI, the first official statistics for September, added signs of economic stabilization, which declined after an initial improvement at the beginning of the year, when ultra-restrictive policies were lifted of COVID-19 in China.

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Preliminary signs of improvement emerged in August, with an increase in factory production and an increase in retail sales, while a decline in exports and imports eased deflationary pressures. slowed down. Industrial companies’ profits rose a staggering 17.2% in August, reversing a 6.7% decline in July.

“The manufacturing PMI, along with good industrial income figures, suggest that the economy is gradually slowing down,” said Zhou Hao, chief economist at Guotai Junan International.

China’s non-manufacturing PMI, which includes sub-indices for activity and construction in the service sector, also rose, standing at 51.7 compared to 51.0 in August.

The composite PMI, which includes manufacturing and non-manufacturing activity, rose to 52.0 in September, from 51.3 in August.

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Nation World News Desk
Nation World News Desk
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