China’s manufacturing purchasing managers’ index (PMI) stood at 50.1 in January, up from 47 in December, returning to expansion territory for the first time since September 2022, the data showed. on Tuesday the data from the National Statistics Office (ONE).
In breakdown, the large companies sub-index stood at 52.3 in January, 4 percentage points higher than the previous month.
Demand in the manufacturing market also picked up, with the new orders sub-index gaining 7 percentage points from the previous month to stand at 50.9.
The production sub-index stood at 49.8, 5.2 percentage points higher than in December.
The official non-manufacturing PMI, which measures business confidence in the services and construction sectors, rose to 54.4 in January from 41.6 in December, hitting the highest level since June.
China’s government revenue rises 0.6% in 2022 after tax cuts
The official PMI is an indicator of big business confidence, and 50 is the line that separates expansion from contraction.
The data is one of the NBS’s first indicators of the state of the economy since China optimized its COVID-19 strategy and during a week-long Chinese New Year holiday that ended on Friday.
Consumption during Chinese New Year rose 12.2% compared to the same period a year earlier, while holiday travel to the country soared 74% as people came out to celebrate for the first time in three years with no COVID restrictions.
Chinese central authorities vowed on Saturday that the country would consolidate and broaden the momentum of its economic recovery, accelerate the recovery of consumption and stabilize foreign trade and investment.
(Cover image via CFP)
Article republished from the Chinese state media CGTN within the framework of an agreement between both parties to share content. Link to the original article: https://news.cgtn.com/news/2023-01-31/-China-s-manufacturing-PMI-up-to-50-1-in-January-1h2dLvyyxBm/index.html
