Chinese industry and services accelerated upward trends in November, due to higher prices and recovering demand. The Purchasing Managers Index (PMI), prepared by local authorities, rose in November to 51.7 points, while a month earlier was at a level of 51.2 points. The data in November surpassed the expectations of analysts for a decline to 51.0 points. The growth is the fifth row and the data are the highest since June, with the last Chinese PMI index was at a high level in April 2012.
Survey of private companies showed that industrial activity increased slightly in November. The survey of Markit and economic magazine Caixin showed that the index amounted to seasonally adjusted 50.9 points, which is above the threshold for growth of 50 points. In October, the index was at a level of 51.2 points. The analysts had expected in November slightly lower data to 50.8 points.
The factory production accelerated in November, as the sub-index rose to 53.9 points from 53.3 points a month earlier, official study shows. The new orders also reported another month of improvement, reaching 53.2 points suspended November’s 52.8 points.
The measure of activity in the construction industry, measured in a separate survey of non-manufacturing sector amounted to 60.4 points, down from 61.8 points in October, but still at a high level, as the government issues tenders for the construction of new roads, railways and ports in order to encourage growth.
The growth is accelerating and the service sector to levels not seen since 2014, a sign that improvement not only in heavy industries such as steel, but the rest of the economy.
The official PMI index for services rose in November to 54.7 points after 54.0 points in the previous month. China relies increasingly on services in order to offset any weakness in exports.
Some economists consider that the next move by the People’s Bank of China will be to increase interest rates instead of reducing them.
In recent months, there are more frequent signals that the second largest economy in the world has stabilized. Higher government spending and a booming real estate market took care during the third quarter economic growth of 6.7% annually. It is supported by ad hoc programs to the authorities.
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