China’s Manufacturing, Services Sectors See Improvement in Activity
Manufacturing activity across China registered a small increase during the month of September as the economy returns on the track towards growth after containing the spread of the coronavirus pandemic. According to data released by the NBS, the official manufacturing PMI ticked higher to 51.5 for September from 51 in the previous month, staying above the 50-threshold indicating expansion in the sector.
Senior statistician at NBS, Zhao Qinghe, observes, “We also see that, although overall manufacturing demand has increased, industrial recovery is uneven… the global pandemic has not been fully and effectively controlled, and there are still uncertain factors in China’s imports and exports.”
The services sector has posted a better rebound, with the non-manufacturing PMI reading for September rising to 55.9 from 55.2 in the previous month. The faster pace of expansion in this sector was driven by an increase in new export orders and imports, both of which grew slightly after having been in contraction during August.
Things are looking up for China with analysts expecting both sectors to continue growing as external demand picks up even as economic activity in China rebounds as well. The fiscal stimulus efforts of the government have also helped improve the activity across both the manufacturing as well as the services sectors in the country.
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