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Source title: Manufacturing services industry continued to expand in September Foreign media: China’s economic recovery stabilized and further accelerated
Reference News Network reported on October 1 Foreign media said official data released on Wednesday showed that China’s manufacturing activity improved slightly in September, showing a slight economic rebound ahead of the National Day holiday.
According to a report by Agence France-Presse in Beijing on September 30, the highly watched Purchasing Managers Index (PMI) is a key indicator of China’s manufacturing activity. After the plummet in February due to the implementation of strict measures to combat the new corona epidemic, China’s manufacturing activity has largely recovered.
The manufacturing PMI reportedly rose slightly to 51.5% in September and the index was 51.0% in August. This index above 50% indicates growth and below 50% means contraction.
According to the report, Zhao Qinghe, a senior statistician with the China National Bureau of Statistics, said the September data showed a “steady recovery” in the economy and an increase in consumption during the pre-holiday holidays.
He said: “We must also see that although overall manufacturing demand has improved, the industry has recovered unevenly. The global epidemic has not yet been fully and effectively controlled, and there are still uncertainties in China’s imports and exports.”
According to the report, the index of new manufacturing export orders and the import index were higher than 50% in September, 50.8% and 50.4%, respectively, 1.7 and 1.4 percentage points more than in August .
The non-manufacturing business activity index in September was 55.9%, an increase of 0.7 percentage points from August, showing signs of a further economic recovery.
According to the report, the business activity index for the rail, air, catering and telecommunications industries is 60% or more.
According to a September 30 report on the Hong Kong South China Morning Post website, data released on Wednesday showed that China’s manufacturing and service industries continued to show a recovery trend in September.
According to the report, the official manufacturing and non-manufacturing index showed positive economic activity for seven consecutive months.
The increase in external demand has also contributed to increasing sales. The expansion of new export businesses has reached the fastest level since September 2017, and employment is basically stable. Optimism has also reached its highest point in three months, with manufacturers generally believing that production will increase in the next 12 months.
According to the report, some economists said that after the new corona epidemic, both sides of supply and demand have improved simultaneously and the recovery in manufacturing has accelerated.
The International Monetary Fund said China is expected to be the only major economy with positive economic growth this year.
The new corona pneumonia epidemic reportedly caused China’s economy to contract by 6.8% in the first quarter of 2020, but avoided a recession after growing by 3.2% in the second quarter. China is the first major country to show a recovery from losses caused by the epidemic.
According to a Reuters report in Beijing on September 30, China’s economy continued to recover in September. The official manufacturing PMI hit a six-month high, and the non-manufacturing business activity index reached its highest level in nearly seven years. With the continued recovery in supply and demand and the advent of the traditional peak production season, the willingness of companies to buy has increased and the rate of recovery in demand has accelerated. New export orders and the manufacturing industry import index that month topped the prosperity line for the first time this year. China’s economy in the third quarter is expected to further stabilize and accelerate based on the recovery in the second quarter.
