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China's PMI hits highest level this year in July
Reporter: Yang Chengxi 丨 CCTV.com
It’s the quickest pace of expansion in China’s manufacturing sector since April of 2012. New data today show’s China’s official PMI for the month of July coming in at 51.7. The sub-index of new export orders jumped the most in over 40 months, signalling firming demand from abroad. Analysts say the government’s targeted stimulus measures are now feeding into the economy.
Growth in China’s vast factory sector continued to accelerate in July as the month’s PMI came in at 51.7, up 0.7 points from June. A PMI reading above 50 indicates an expansion in factory activities while readings below that level point to a contraction. The figure has been above the benchmark for five straight months now.
"The manufacturing PMI has been rising for five months, and July’s figure has reached a new height. This further proves that China’s manufacturing sector has stabilized and is growing steadily." Said Zhao Qinghe, Senior Economist of National Bureau of Statistics.
Also growing faster was China’s GDP. The economy expanded 7.4% in the first quarter and 7.5% in the second quarter. Experts say the expansion in both the GDP and the PMI demonstrates that China’s economic growth outlook is positive.
"The high PMI this month shows that the rebound in China’s GDP growth is solid, and the growth speed is picking up." Said Cai Jin, Vice Chairman of China frederation of Logisticls and Purchasing.
In a separate private survey conducted by Hong Kong banking group HSBC, China’s PMI also came in at 51.7 in July and is at 18 month high according to their measurements.
Reporter: Yang Chengxi 丨 CCTV.com
It’s the quickest pace of expansion in China’s manufacturing sector since April of 2012. New data today show’s China’s official PMI for the month of July coming in at 51.7. The sub-index of new export orders jumped the most in over 40 months, signalling firming demand from abroad. Analysts say the government’s targeted stimulus measures are now feeding into the economy.
Growth in China’s vast factory sector continued to accelerate in July as the month’s PMI came in at 51.7, up 0.7 points from June. A PMI reading above 50 indicates an expansion in factory activities while readings below that level point to a contraction. The figure has been above the benchmark for five straight months now.
"The manufacturing PMI has been rising for five months, and July’s figure has reached a new height. This further proves that China’s manufacturing sector has stabilized and is growing steadily." Said Zhao Qinghe, Senior Economist of National Bureau of Statistics.
Also growing faster was China’s GDP. The economy expanded 7.4% in the first quarter and 7.5% in the second quarter. Experts say the expansion in both the GDP and the PMI demonstrates that China’s economic growth outlook is positive.
"The high PMI this month shows that the rebound in China’s GDP growth is solid, and the growth speed is picking up." Said Cai Jin, Vice Chairman of China frederation of Logisticls and Purchasing.
In a separate private survey conducted by Hong Kong banking group HSBC, China’s PMI also came in at 51.7 in July and is at 18 month high according to their measurements.
