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The People’s Republic’s economy is recovering faster than experts predict. The world’s second-largest economy is now making a fundamental change of direction. This is not good news for Europe.
Bulldozers and wrecking balls swept through the workers’ stadium in central Beijing almost overnight in August: where the magnificent socialist building once stood with 64,000 spectators, now dozens of workers are working day and night to build a new ultra-modern soccer stadium. It should be ready in about two years, in time for the Asian Cup. In the Corona year, the big construction project proves: The Chinese economy is booming again, almost like the old days.
This is also suggested by the latest figures from the national statistics agency on Wednesday: The official purchasing managers index for the manufacturing sector rose from 51.0 in August to an impressive 51.5 in September. This means that the value is not only above the threshold of 50, which expresses positive growth, but also well above the forecasts of most economists. The service sector was also heading toward its highest level in nearly seven years last month, showing higher demand in the hospitality and travel industries. The second largest economy in the world operates and consumes almost at the level of the previous year.
