China’s manufacturing sector moved closer to recovery in August, with the key indicator rising for the third month in a row, official data showed on Thursday.
China’s manufacturing purchasing managers’ index stood at 49.7 points in August, up 0.4 points from the previous month and marking an increase for three consecutive months, according to data released Thursday by the National Statistics Office (ONE).
The three-month rebound in the index reflects the steady and stable recovery trend of the Chinese economy, said Cai Jin, vice president of the China Federation of Logistics and Purchasing.
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Of the 21 industries surveyed, 12 registered expansion in August, pointing to a continued improvement in the manufacturing climate, said Zhao Qinghe, a statistician with the NBS.
The three-month rebound in the index reflects the steady and stable recovery trend of the Chinese economy, said Cai Jin, vice president of the China Federation of Logistics and Purchasing
The new orders sub-index rose for the third consecutive month to 50.2, indicating increased demand in the manufacturing sector. There was also a positive change in the index of new export orders, ending five consecutive months of decline.
The rise in demand shows that the endogenous driving force of economic growth continues to strengthen, Cai said.
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Source: https://reporteasia.com/economia/industria/2023/09/01/pmi-manufacturero-china-subio-agosto/
