BEIJING: China’s manufacturing purchasing managers’ index (PMI) rose to 49.8% in August, up 0.6 percentage points from the previous month, according to data released by the National Bureau of Statistics (NBS) on Monday. The non-manufacturing business activity index stood at 49.0%, unchanged from July, while the composite PMI output index rose 0.2 percentage points to 49.5%, indicating an overall improvement in business activity.
The manufacturing recovery was driven by stronger production and demand, according to NBS chief statistician Huo Lihui. The production index rose to 50.4%, while the new orders index climbed to 50.6%, with both returning to expansion territory. The purchasing volume index also increased 1.1 percentage points to 50.5%, reflecting stronger demand for production inputs.
New growth drivers continued to strengthen, with the PMI for equipment manufacturing and high-tech manufacturing at 51.4% and 52.9%, respectively, both remaining in expansion territory. The continued strength of these sectors points to ongoing optimization and upgrading of China’s manufacturing structure.
Affected by recent upward movements in crude oil and non-ferrous metal prices, the purchasing price index for major raw materials and the ex-factory price index for manufacturing stood at 56.6% and 50.4%, respectively, up 3.4 percentage points and 2.6 percentage points from the previous month.
The PMI for large manufacturing enterprises came in at 50.6%, up 1.1 percentage points from the previous month and returning to the expansion zone.
The continued strength of these sectors points to ongoing optimization and upgrading of China’s manufacturing structure. –The Daily Mail-CGTN news exchange item
