The manufacturing industry Purchasing Managers Index (PMI) announced by the China National Bureau of Statistics (UIB) rose to 50.2 in September, with an increase of 0.5 points compared to the previous month.
While the Manufacturing PMI exceeded the growth threshold of 50 points for the first time since March, it remained below the growth threshold again from the second quarter onwards, following the rise in the first three months of 2023, when signs of recovery were seen after Covid-19.
While the new orders sub-index in the manufacturing industry increased from 50.2 to 50.7, indicating expansion, the new export orders sub-index remained in the contraction zone, although it increased from 46.7 to 47.8 percent.
Sign of recovery in construction
Non-manufacturing PMI also increased by 0.7 to 51.7, remaining above the growth threshold and correcting the downward trend in the last 5 months.
The construction sector sub-index, where the effects of the debt problems in the real estate sector were felt, increased from 53.8 in August to 56.2 in September, giving a sign of recovery.
In PMI indexes, values above 50 indicate an increase in economic activities, and values below indicate a decrease.
UIB Statistician Cao Qinghi evaluated that "the positive trends in economic performance increased in September as the government's growth-encouraging policies began to show their effects."
Pointing out that some ongoing difficulties in the manufacturing industry may interrupt the continuity of the recovery, Cao said, "Responses to the purchasing managers' survey show that factories in the manufacturing industry are facing increasing competition, increases in raw material prices and financing difficulties." said.
Cao pointed out that the government should strengthen the implementation of support policies to sustain the recovery.
Comments
No comment yet.