Chinese economy: Manufacturing grows for 2nd month

BEIJING: China’s manufacturing activity grew in November for the second month in a row, official data showed Saturday, in a further sign of strength in the world’s second-biggest economy after a marked slowdown. China’s purchasing managers’ index (PMI) reached 50.6 last month, up from 50.2 in October and 49.8 in September, the National Bureau of Statistics said. A PMI reading above 50 indicates expansion while anything below points to contraction. Separately, in a further sign of upward momentum, a closely watched private survey of Chinese manufacturing released by HSBC on November 22 showed growth for the first time in 13 months. China’s economic growth hit a more than three-year low of 7.4% in the third quarter from July to September, but recent data have fuelled optimism that the worst is past.

Published in The Express Tribune, December 2^nd, 2012.