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A robot welds steel components in the intelligent welding workshop of China Railway Shanqiao Co., LTD in Nantong, Jiangsu Province, Aug 25, 2023./CFP
China's manufacturing sector moved closer toward recovery in August as the key gauge edged up for a third straight month, official data showed on Thursday.
China's manufacturing purchasing managers' index stood at 49.7 in August, up 0.4 index point from the previous month, marking an increase of three consecutive months, according to data released by the National Bureau of Statistics (NBS) on Thursday.
The three-month rebound of the index reflects the trend of sustained and stable recovery in China's economy, said Cai Jin, vice president of the China Federation of Logistics and Purchasing.
Among the 21 industries surveyed, 12 reported expansion in August, pointing to continued improvement in the manufacturing climate, NBS statistician Zhao Qinghe said.
The new orders sub-index rose for three consecutive months to 50.2, indicating increased demand in the manufacturing sector. There was also a positive change in the new export orders index, which ended five consecutive months of decline.
The increased demand shows that the endogenous driving force of economic growth is further enhanced, said Cai.
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Disinformation report hotline: 010-85061466