BUSINESS China's manufacturing PMI up to 51.1 in July

BUSINESS

China's manufacturing PMI up to 51.1 in July

Xinhua

09:15, July 31, 2020

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File photo: Agencies

BEIJING, July 31 (Xinhua) -- The purchasing managers' index (PMI) for China's manufacturing sector rose to 51.1 in July from 50.9 in June, the National Bureau of Statistics (NBS) said Friday.

A reading above 50 indicates expansion, while a reading below reflects contraction. It is the fifth month in a row that the figure remained in the expansion territory.

Commenting on the sustained expansion, NBS senior statistician Zhao Qinghe said: "Policies of balancing epidemic control and economic development further yield tangible fruit, as economic vitality continues recovering and enterprises keep registering better operational outcomes."

Zhao cited sub-indices of the manufacturing PMI as evidence of economic recovery across the board.

The sub-index for production edged up 0.1 points to 54 in July. New orders picked up 0.3 points to 51.7, rising for three consecutive months. While the sub-index measuring new export orders gained 5.8 points to 48.4.

"Enterprises stay optimistic about recovery in their industries," Zhao said.

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