The Purchasing Managers' Index (PMI) for China's manufacturing sector picked up to 52.1 in November, the ninth month that the figure was standing in the expansion territory, data from the National Bureau of Statistics (NBS) showed, suggesting the sector is picking up the pace to restore from the coronavirus fallout.
A reading above 50.0 indicates expansion in sector activity, while a reading below represents contraction.
November's figure hit a new record high since October 2017, as major sub-indexes have improved significantly.
Sub-indexes for production and new orders increased to the highest of 54.7 and 53.9, respectively, within the year, and the gap between the two has narrowed from 0.8 in November compared with that of 2.5 in June, suggesting a growing domestic demand from downstream sectors over an improving balance between supply and demand.
The import index was 50.9 in November, up from 50.8 in October, standing above the 50 threshold for three consecutive months, while that for new export orders reached 51.5, both the highest this year. The reading for major raw material purchasing price increased to 62.6, a rise of 3.8 percentage points from a month earlier.
"The recovery pace in the manufacturing has further accelerated in November," said Zhao Qinghe, a senior statistician of NBS, but he also stressed the recovery was still uneven with the texile and apparel industry remaining in the contraction zone.
The non-manufacturing PMI, a gauge mainly for the services and construction sectors, stood at 56.4 in November, up from 56.2 a month earlier.
(Writing by Alex Guo Editing by Harry Huo)
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