China reported on Thursday that factory activity expanded at a quicker pace in November , with the official manufacturing Purchasing Managers’ Index at 51.8 — topping expectations.
Economists in a Reuters poll expected official PMI in the world’s second-largest economy to come in at 51.4 this month. That is slower than 51.6 in October.
China’s services sector also saw activity picked up, with its PMI reading accelerating to 54.8 in November from the previous month’s 54.3, official data showed.
A reading above 50 indicates expansion, while a reading below that signals contraction.
Chinese authorities have stepped up efforts to steer the economy towards a more sustainable growth trajectory and away from its reliance on debt. In recent weeks, Beijing tightened rules to clamp down on risky behavior in the financial sector, which spooked investors and sparked a sell off in mainland markets.
Source: cnbc china
Chinese manufacturing expanded more than expected in November