bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

sponsorType

urlAlias

moreOnThisArticles

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

Andrew Mullen

Orange Wang

China’s economic activity extended its strong growth in November, according to data released on Monday.
The official manufacturing purchasing managers’ index (PMI) – a survey of sentiment among factory owners in the world’s second largest economy – rose to 52.1 last month from 51.4 in October, according to the National Bureau of Statistics (NBS).
November’s reading was higher than the median prediction of a poll of analysts conducted by Bloomberg, which expected a small rise to 51.5.
China’s non-manufacturing PMI – a gauge of sentiment in the services and construction sectors – was 56.4, above October’s reading of 56.2. Analysts had forecast 56.0.


A reading above 50.0 indicates growth in sector activity, while a reading below represents contraction.
The official manufacturing PMI reading was the highest since 52.4 in September 2017, while the non-manufacturing PMI was the highest reading since 56.7 in June 2012.
The official composite PMI was 55.7 in November compared to 55.3 in October.
The readings highlighted a continued rebound in China’s economy from the sweeping shutdowns caused by the coronavirus pandemic early in the year.
The latest official PMI surveys showed that the pace of economic growth picked up in November on the back of a broad-based improvement in both services and manufacturing
Julian Evans-Pritchard
“The latest official PMI surveys showed that the pace of economic growth picked up in November on the back of a broad-based improvement in both services and manufacturing,” said Julian Evans-Pritchard, senior China economist at Capital Economics.
“Looking ahead, the recovery of household spending has been the most significant development recently. We expect it to continue as the tightening of the labour market and improving consumer sentiment lead households to run down the excess savings they accumulated this year. That should further support the rebound in services activity. It should also boost manufacturing, which will continue to benefit too from supportive fiscal policy and strong foreign demand.”
China’s overall economy has bounced back strongly from the impact of the pandemic after a record contraction in the first three months of the year. 
Gross domestic product grew by 4.9 per cent in the third quarter compared with a year earlier and China is the only Group of 20 nation expected to see positive growth in 2020 due to its better-than-expected recovery, which has been fuelled largely by state-led infrastructure investment and a property boom.


Profits at Chinese industrial firms rose 28.2 per cent in October from a year earlier to 642.91 billion yuan (US$97.8 billion), almost triple the 10.1 per cent increase in September, NBS data showed last week.
Within the official manufacturing PMI, the subindex for new export orders rose to 51.5 in November from 51.0 in October, while the import subindex rose to 50.9 from 50.8. The employment subindex also rose to 49.5 from 49.3.
Within the non-manufacturing PMI, the subindex for the construction sector rose to 60.5 in November, up 0.7 from October; while the service sector business activities index was up 0.2 to 55.7.
China economy: latest data about world’s second largest economy
The new orders subindex dropped to 52.8 in November from 53.0, while the employment subindex dropped to 48.9 from 49.4.
“The recovery of the manufacturing sector is still uneven. The PMI for the textile and apparel industry remained below the 50 threshold and its momentum has continued to be weak,” said senior NBS statistician Zhao Qinghe.
“Overall, thanks to the coordination of targeted pandemic containment, the consumer market is gradually recovering in an orderly manner, and the service sector is being restored at a steady pace.
“The composite PMI was 55.7 in November, up 0.4 from previous month, showing that corporate production and operation activities continued to accelerate in China and the stable recovery trend was further consolidated.”


How the next China shock is shaping hearts and minds

US Supreme Court rules against Trump’s sweeping tariffs ahead of China visit

China’s gallium grip looms over Trump’s Beijing visit as critical deadline nears

Winter economy becomes poster child for China’s bid to grow services industry

China economy

China’s economic activity extended its strong growth in November as manufacturing, services sentiment grows

China’s official manufacturing purchasing managers’ index (PMI) rose to 52.1 in November. Photo: Xinhua

China to tap elderly population in bid to tackle looming demographic crisis, boost economy

China’s population aged 65 or above will hit 300 million by 2025, according to official estimates. Photo: Getty Images

China’s population aged 65 or above will hit 300 million by 2025, according to official estimates. Photo: Reuters

China’s industrial giants see profits in October grow at fastest pace in nearly nine years

From January to October, profits among big industrial companies grew 0.7 per cent on an annual basis, easing from the 2.4 per cent decline in the first nine months of the year. Photo: Xinhua

From January to October, profits among big industrial companies grew 0.7 per cent on an annual basis, easing from the 2.4 per cent decline in the first nine months of the year. Photo: Reuters

China’s Liu He vows Beijing will not give up economic opening with ‘dual circulation’ strategy

Vice-Premier Liu He says China’s ‘dual circulation’ strategy does not mean reducing interaction with the outside world. Photo: AFP

Vice-Premier Liu He says China’s ‘dual circulation’ strategy does not mean reducing interaction with the outside world. Photo: Bloomberg

China’s Premier Li Keqiang orders provincial governments to ‘tell the truth’ about economic conditions

Chinese Premier Li Keqiang has told local government officials to be honest about their economic situations. Photo: Xinhua

China food security: how’s it going and why’s it important?

China needs to feed 1.4 billion people, around one fifth of the world’s population. Photo: Xinhua

China remains a net exporter of rice, meaning it exports more than it imports. Photo: Xinhua

Economy

China Economy

Economic Indicators

Knowledge

China Macro Economy

News

China


China’s official manufacturing purchasing managers’ index (PMI) was 52.1 in November, up from 51.4 in October to its highest since September 2017
The official non-manufacturing PMI, which measures sentiment in the service and construction sectors, was 56.4 last month – the highest reading since June 2012



China’s official manufacturing purchasing managers’ index (PMI) was 52.1 in November, while the official non-manufacturing PMI was 56.4 last month.


China manufacturing

Trade

Infrastructure

China GDP