China’s Non-Manufacturing Activity Rose In December: Official PMI
By Bhaskar Prasad | January 3, 2013 3:43 PM EST
China's non-manufacturing activity rose in December compared to that in the previous month, easing the concern over the slowdown in the economic growth of the country.
According to the data released Thursday by the National Bureau of Statistics and China Federation of Logistics and Purchasing, the non-manufacturing Purchasing Managers' Index (PMI) rose to 56.1 in December from 55.6 in November.
Significantly, the index remains in the expansion zone, a reading above 50. The expansion of the non-manufacturing activity should allay the fears about a sharp retardation of the Chinese economy.
This news comes after earlier this week it was reported that China's manufacturing activity expanded in December for the third month in a row, giving the indication that the world’s second-largest economy is reviving its growth momentum. The data released Tuesday by the China Federation of Logistics & Purchasing showed that the manufacturing PMI remained unchanged at 50.6 in December from that in the previous month.
It was reported earlier last month that China’s industrial production rose in November in comparison with that in the previous month, indicating an upswing in the manufacturing output. The data released by the National Bureau of Statistics of China showed that the country’s industrial production, which measures the change in the total inflation-adjusted value of output produced by manufacturers, mines and utilities, rose 10.1 percent in November from 9.6 percent in October and more than the analysts’ expectation of 9.8 percent.
However, analysts are not fully optimistic about the revival of China’s growth as the global economic condition continues to be weak amid the debt crisis in the euro zone. China’s trade surplus dropped in November in comparison with that in the previous month, in an indication that the soft global demand continues to weigh on the economic growth.
The data by the National Bureau of Statistics of China showed last month that the country’s gross domestic product growth slowed to 7.4 percent in the third quarter, from 7.6 percent in the second quarter, due to the soft global demand and the reduced real estate investment in the country.
Market participants hope that the policymakers will soon announce monetary easing measures so that the economy will continue to see that the industrial activities are picking up.
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