China’s January manufacturing PMI shows signs of recovery
ISLAMABAD (PEN) : China’s manufacturing sector witnessed a positive turnaround in January, with its purchasing managers’ index (PMI) ticking upwards to 49.2, up from 49 in the previous month.
This shift in momentum comes after three consecutive months of decline, indicating a potential rebound in the country’s industrial activities.
The official PMI released by the National Bureau of Statistics is a gauge of sentiment among larger factory operators, with 50 being the line separating expansion and contraction.
Bruce Pang, chief economist of JLL Greater China, noted that continued policy support is required to sustain the recovery momentum.
Production activities accelerated in January, with the production index for the month reaching 51.3, bringing the index to its highest point in nearly four months.
Most manufacturing industries experienced a rebound compared to the previous month. In January, out of the 21 manufacturing sectors, 13 witnessed a month-on-month increase in their PMI, paving the way for a steady economic start for 2024.
Zhang Bin, a senior researcher at the China Finance 40 Forum and deputy director of the Institute of World Economics and Politics, Chinese Academy of Social Sciences, recently highlighted the robust development in the country’s manufacturing sector.
In an article posted on WeChat, he said that the sustained high investment growth in the manufacturing sector, the increasing role of private enterprises and the strategic concentration of investments in emerging industries collectively contribute to the sector’s strong performance.