China’s manufacturing industry continues the recovery after the coronavirus pandemic in October, a private survey of Purchasing Managers’ Index (PMI) showed. According to the survey, China’s manufacturing PMI figure came at 53.6 for October, beating analysts’ estimate of 53.0 and marking the sixth straight month of activity expansion. Separately, an official survey found that China’s manufacturing PMI came in at 51.4 for October, marking the eighth consecutive month of growth.
The survey found that business confidence in China improved to its highest in years. Chinese manufacturers have benefited from the country’s efforts to put the pandemic under control. This results in an improvement in both manufacturing supply and demand. However, these companies remained cautious to hire new staff. At the same time, renewed outbreaks in the US and Europe slowed down external demand, although the new export order indicator was still in expansionary territory for the third consecutive month.
China’s economy has continued its recovery from the fallout of the COVID-19 pandemic, with growth in the July-September quarter picking up the pace to 4.9% from 3.2% in the previous quarter. In the first quarter, China suffered an economic contraction of 6.8%. The world’s second-largest economy is expected to be the only G20 country to post positive growth in 2020. The IMF forecast China’s GDP to grow by 1.9% for this year, before accelerating to 8.2% next year.
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Published on November 3, 2020 3:25 PM (GMT+8)Last Updated on November 3, 2020 3:25 PM (GMT+8)
