China’s manufacturing sector gathers pace, beating forecasts
Industry in world’s second-largest economy boosted by government infrastructure spending, resilient property market and strong exports
Growth in China’s manufacturing sector unexpectedly picked up in November, despite a crackdown on air pollution and a cooling property market that have widely been expected to weigh on the world’s second-largest economy.
The official Purchasing Managers’ Index released on Thursday stood at 51.8 in November, compared with 51.6 in October and comfortably above the 50-point mark that separates growth from contraction on a monthly basis.
Analysts surveyed by Reuters had forecast the reading would come in at 51.4, easing for a second straight month after September’s more than five-year high.
Boosted by government infrastructure spending, a resilient property market and unexpected strength in exports, China’s manufacturing and industrial firms helped the economy post better-than-expected growth of nearly 6.9 per cent through the first nine months of this year.
But October economic data disappointed analysts as investment, industrial output and export growth all slowed, raising concerns that a long expected slowdown had arrived.