The results of a private business survey reveal that China’s manufacturing sector continues to rebound from the coronavirus pandemic, recording the strongest expansion since January 2011.
The Caixin/Markit manufacturing Purchasing Managers’ Index (PMI), which gives an independent outlook of the country’s manufacturing sector, ticked up to 52.8 in July from 51.2 in June, with readings above 50 showing growth. The figures, released on Monday, were around 1.3 points higher than analysts polled by Reuters had predicted.
The private survey data is consistent with the official PMI released by China’s National Bureau of Statistics (NBS) last week. According to the agency, the index rose to 51.1 in July from 50.9 in June, hitting its highest level since March.
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The Caixin manufacturing PMI focuses on smaller and private companies, while the results released by the NBS mostly reflect the performance of larger and state-linked enterprises.
Economists at Caixin Insight Group said that the results reflect the ongoing economic recovery, and that the recent regional flare-ups of the coronavirus infection “did not hurt the improving trend.”
“The supply and demand sides both improved, with relevant indicators maintaining strong momentum. However, we still need to pay attention to the weakness in both employment and overseas demand,” said Wang Zhe, senior economist at Caixin Insight Group. (RT)
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