China’s manufacturing activity sees decade high in November
November had seen the fastest pace of growth recorded by China’s factory sector in a decade, a business survey showed on Tuesday. The reading came while the world’s second-biggest economy emerges from the pandemic drag toward its pre-pandemic levels.
After hitting 53.6 in October, the Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) advanced to 54.9 in November. The index marked its seventh month of growth, with its current level still above the 50 threshold that separates expansion from contraction. Moreover, the reading came better than the 53.5 contraction predicted by analysts in a Reuters poll.
While large portions of China’s economy were ravaged by the coronavirus pandemic, the country still sees consistent recovery in activity backed by tight COVID-19 restrictions, infrastructure-driven stimulus, and demand for medical supplies.