China’s manufacturing business activity index reaches 11-year high
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In February, the manufacturing business activity index (PMI) in China rose, data National Bureau of Statistics of China, from 50.1 to 52.6 points. This significantly exceeded analysts’ forecasts of a rise to 50.5 points, and is also the highest since April 2012, when it was 53.6. An indicator above 50 points indicates a revival of business activity, below 50 points – a deterioration in the economic situation.
As noted in the bureau’s statement, the PMI indicator shows the continuing improvement in the manufacturing and business climate in the country. Companies and industries have boosted productivity since the lifting of severe pandemic restrictions. Furniture, hardware, and electrical equipment saw particularly strong PMI growth, all of which topped the 60-point mark. The indexes of production and new orders reached 56.7 and 54.1.
Meanwhile, as noted in an interview Reuters Julian Evans-Pritchard, economist at Capital Economics, “The strong PMI figures partly reflect the low starting point from which the economy has started, and they are likely to fall back in the near future amid a slowdown in the recovery.”
About what the IMF expects from the Chinese economy – in the material “Kommersant” “China is moving to growth on its own”.
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