BEIJING (Pakistan Point News / Sputnik - 01st December, 2020) The manufacturing Purchasing Managers' Index (PMI) of China rose to 54.9 in November, the highest level since December 2010, as the economy actively rebounds after pandemic shocks, a business survey by Caixin showed on Tuesday.
The manufacturing PMI rose by 1.3 points compared to October's gauge.
According to Caixin, the economy accelerated the pace of recovery in November in parallel with the rebound of supply and demand in the manufacturing sector. The indices of production and new orders, in turn, reached their decade peaks.
The Chinese business outlet noted that external demand also continued growth for the fourth month in a row, even though it is still inferior to domestic demand. This lag is mainly due to the fact that production in many countries has not rebounded yet to prepandemic levels.
The growth of supply and demand also reflected in the labor market, positively affecting employment indicators. In November, the Caixin employment index hit its highest level since June 2011.
The surveyed companies are generally optimistic about their prospects for the next year, although their optimism is slightly weaker than in October. These expectations are fueled primarily by state support measures and hopes for a global economic recovery.
Caixin's data is based on a survey of more than 500 factories across the country and is closely monitored by investors. The country's National Bureau of Statistics put the official manufacturing PMI at 52.1 in November.
