China’s Nov factory activity unexpectedly expands at quickest pace at almost three years – Caixat PMIReuters #Three_YearsDecember 2, 2019
FILE PHOTO: Workers direct a crane lifting ductile iron pipes for export at a port in Lianyungang, Jiangsu province, China June 30, 2019.
The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) index rose to 51.8 in November from 51.7 in the previous month.
Economists polled by Reuters had expected a dip to 51.4.
“If trade negotiations between China and the U.S. can progress in the next phase and business confidence can be repaired effectively, manufacturing production and investment is likely to see a solid improvement,” he said.
China’s official factory activity gauge on Saturday also surprised, returning to growth for the first time in seven months as domestic demand picked up in response to stimulus measures.
But gains were slight and export orders sluggish.
The two surveys also cover different geographical areas.
The Caixin survey showed total new orders and factory production remained at buoyant levels in November, although they both eased slightly from record highs in the previous month, when they grew the fastest in over six years and nearly three years, respectively.
for the first time in eight months.
The Chinese government has been trying to spur domestic demand for well over a year, largely through higher infrastructure spending and tax cuts, but the measures have been slow to gain traction.
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