SHANGHAI – China’s manufacturing industry returned to growth in November after six consecutive months of contraction, according to data released by the National Bureau of Statistics of China on Saturday.
The manufacturing Purchasing Managers’ Index (PMI) stood at 50.2 points, 0.9 more than the previous month.
After several complicated months mainly on account of the effects of the trade dispute between China and the United States, the index returns to the green in the midst of a wave of optimism about the possible agreement in sight between the world’s two largest economies.
The index has posted a growth only in the months of March and April this year – of 50.5 and 50.1 points respectively – while in October, it fell 0.5 points to stand at 49.3.
A figure above 50 for this index indicates expansion, while anything below it reflects contraction.
The sub-index for production increased 1.8 points in November with respect to the previous month to 52.6 points while demand for new orders grew 1.7 points to stand at 51.3.
Imports and exports improved in November as NBS data showed that the sub-index for new export orders gained 1.8 points to 48.8, while that for imports rose 2.9 points to 49.8.
Chinese companies in general reported a rebound of growth with the PMI of large companies rising 1 point over the previous month to 50.9 to return to the expansion zone.
Saturday’s data also showed that China’s composite PMI increased by 1.7 points with respect to the previous month to 53.7.
The NBS also released data for the non-manufacturing sector on Saturday.
According to the data, the non-manufacturing sector’s PMI stood at 54.4 points in November, an increase of 1.6 points over the 52.8 points posted in October.