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China’s manufacturing activity growing at its fastest rate in two years

in International Business

China’s manufacturing activity growing at its fastest rate in two years

china manuChina reported a Purchasing Managers Index (PMI) of 51.9 in January compared with 51.5 in December.

The country’s manufacturing activity is at its two-year high since January 2011 and above 50.

A PMI of above 50 indicates expansion and signals that the world’s second-largest economy is recovering after a sharp slowdown.

The key driver of Chinese economy, the manufacturing sector was hit by the sagging export demand in Europe and the US that have been hit heavily by debt crises.

“Despite the still tepid external demand, the domestic-driven restocking process is likely to add steam to China’s ongoing recovery in the coming months,” said Qu Hongbin, chief China economist at HSBC.

The HSBC preliminary reading, called Flash PMI, is a private survey of more than 420 companies. The responses of 85%-90% of the companies form the reading.

Tags assigned to this article:
china economyChina manufacturing

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