BUSINESS Caixin manufacturing PMI reaches 10-year high

BUSINESS

Caixin manufacturing PMI reaches 10-year high

By Zhou Lanxu | chinadaily.com.cn

13:53, December 01, 2020

A worker is seen at a factory in Lianyungang economic and technological development zone of Lianyungang, East China's Jiangsu province, June 29, 2020. [Photo/Xinhua]

Operating conditions of Chinese manufacturers registered the strongest improvement for a decade in November as output and market demand rallied, a private survey said on Tuesday.

The Caixin China General Manufacturing Purchasing Managers' Index (PMI) rose to 54.9 last month, the highest level in a decade and compared with 53.6 in October, said a report released by media group Caixin.

A reading above 50 indicates expansion, while one below reflects contraction.

As client demand rebounded, output and new orders both increased at the fastest rates for 10 years, which has led manufacturers to expand their workforce, the report said.

Purchasing activity accelerated and greater demand for inputs placed upward pressure on costs in November, it said, adding that business confidence regarding the 12-month outlook for output remained strongly positive in November.

Wang Zhe, senior economist at Caixin Insight Group, said China's economic recovery is expected to continue for several months, while it requires "careful planning" to withdraw the easing policies launched during the epidemic, considering the remaining uncertainties at home and abroad.

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