The health of China’s manufacturing sector continued to improve last month, though not quite as much as it had in the previous two months, a Caixin-sponsored survey showed, reported Caixin.
The Caixin China General Manufacturing Purchasing Managers’ Index (PMI), which gives an independent snapshot of the country’s manufacturing sector, dipped to 53 in December from 54.9 the previous month, according to a report released Monday. November’s reading was the highest since November 2010.
A number above 50 indicates an expansion in activity, while a reading below that signals a contraction. The December reading marked the eighth consecutive month of expansion.
Wang Zhe, senior economist at Caixin Insight Group, said that the manufacturing industry continued to recover in December as the pandemic’s fallout on the domestic economy further subsided. “The overseas pandemic situation remained uncertain, but demand for China’s exports improved,” said Wang, adding that the gauge for new export orders stayed in positive territory for the fifth straight month.