Key indexes notch up record highs for 2020 as economic recovery becomes more robust
China”s economic rebound gained momentum last month as official purchasing managers indexes for the manufacturing and nonmanufacturing sectors both reached their highest level so far this year, the National Bureau of Statistics said on Monday.
This came as the recovery in demand has accelerated to catch up with supply, and Beijing is expected to roll out new measures soon to further boost domestic demand in pursuit of the dual-circulation development paradigm, experts said.
The PMI, a key barometer of the health of the nation’s manufacturing sector, increased to 52.1 in November, the highest level so far this year and versus 51.4 a month earlier, indicating that the sector has increased its pace of expansion, the NBS said.
A reading above 50 indicates expansion, while one below that reflects contraction.
Nonmanufacturing PMI edged up to 56.4 in November, the best reading of the year and compared with 56.2 in October, as market demand in the services sector recovered while construction activity sped up, the bureau reported.
Officials and experts said the latest PMI figures augur well for future economic prospects, as they offer fresh evidence that the unbalanced recovery in supply and demand is being addressed, which will help China’s economic rebound become more robust and less policy-driven.
The restoration of production in China has outpaced that of demand ever since the COVID-19 pandemic started. But as of November, the difference between the sub-gauges for production and new market orders has shrunk for five consecutive months to 0.8 percentage point, according to the NBS.
“The narrowing difference indicated that the internal (growth) impetus of the manufacturing sector has continuously risen and the circulation between supply and demand has improved,” said Zhao Qinghe, a senior NBS statistician.