The official manufacturing purchasing managers’ index rose to 51.0 in August from 50.3 in July, the highest reading in 16 months according to a Sunday announcement from the China Federation of Logistics and Purchasing, The Wall Street Journal reported. A reading above 50 indicates growth. The stronger-than-expected numbers give policy makers more breadth with which to implement deep structural economic reforms, and hope for guiding the economy toward domestic consumption. “This was better than expected, and it reflects a rise in domestic demand,” Bank of America Merrill Lynch economist Lu Ting said in a report.
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