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A worker welding a mill barrel in a workshop in Luoyang, Henan Province on May 16, 2023. /CFP
China's manufacturing industry contraction narrowed in June with purchasing managers' index (PMI) recording 49.0 index points for the month, up 0.2 index point compared to the previous month, data from the National Bureau of Statistics (NBS) showed Friday.
Improvements in the manufacturing sector are attributed to growing orders as well as narrowed price decline of some bulk commodities, said senior NBS statistician Zhao Qinghe.
In particular, PMI for equipment manufacturing and high-tech manufacturing remained higher than the 50-point mark, expanding for two consecutive months.
China's PMI for the non-manufacturing sector came in at 53.2 in June, maintaining its expansion this year and contributing to a composite PMI of 52.3.
The official PMI is a gauge of sentiment among larger factory operators, with 50 being the line between expansion and contraction.
Both services and construction sectors expanded with strong business confidence. Notably, air freight, express delivery, telecommunications, and financial services grew rapidly with activity indexes averaging 60 points and above.
June's PMI data showed that China's strong policies have stabilized market confidence and expanded domestic demand, which led to consistent economic recovery, Bruce Pang, JLL's chief economist and head of research in Greater China told CGTN.
Despite the stable recovery, there is still room to stimulate effective demand, he added.
(Cover via CFP)
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Copyright © 2023 CGTN. 京ICP备16065310号
Disinformation report hotline: 010-85061466