China’s Purchasing Managers’ Index (PMI), a measure of manufacturing activity, remained unchanged in November from the month before at 55.2, indicating the ninth straight month of expansion, Bloomberg reported. According to the reading, manufacturing growth continued at its fastest pace in 18 months. A reading above 50 indicates growth in manufacturing. The China Federation of Logistics and Purchasing revealed that new export orders fell from 54.5 in October to 53.6 in November, while the output index increased to 59.4 from 59.3. A measure of orders fell to 58.4 from 58.5, while a measure of employment declined from 52.4 to 51.1. Isaac Meng, a senior economist at BNP Paribas in Beijing said that China’s recovery was strong, and that economic indicators except for exports were back to pre-crisis levels. “The key challenge is how to cool off excessive liquidity and preempt the asset bubble and inflation risks," he said.