China's purchasing managers' index (PMI) for the manufacturing sector rose to 51.4 percent in October, hitting a new high since May 2012, according to data released by the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing (CFLP) on November 1.
China's manufacturing PMI has risen for four consecutive months, showing a steady upward trend in manufacturing. A figure above 50 percent signals expansion.
Zhao Qinghe, a senior NBS statistician, attributed the strong PMI to expanding production after corporate confidence was boosted by the government's measures this year to stabilize growth and restructure the economy.
The PMI for China's non-manufacturing sector rose to 56.3 percent in October, the highest in the last 12 months, similarly confirming the trend.
Cai Jin, CFLP Vice Chairman, said the construction and service sectors are becoming increasingly active, with the non-manufacturing sector absorbing more jobs. |