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China Caixin manufacturing PMI hits highest in almost 3 years

  • Leader
    December 26, 2019
    Chinese manufacturing activity expanded at its fastest pace in
    two-and-a-half years during October, a private survey showed on Friday,
    as export orders rose in defiance of trade tensions with the US.

    The Caixin China General Manufacturing purchasing managers’ index
    posted a reading of 51.7 during the month, up from 51.4 in September and
    its highest since February 2017. That marks the third month in a row
    that the survey has produced a reading above 50, the line which
    separates expansion from contraction. Economists polled by Reuters had
    expected manufacturing expansion to cool to 51 during October.

    To get more news about caixin, you can visit shine news official website.

    The Caixin survey found that companies’ output and new orders rose on
    the back of the first increase in new export orders in five months. It
    said that this was likely due to Washington exempting about 400 types of
    Chinese products from tariffs during the month. The total amount of new
    work received by Chinese producers rose by its highest clip in about
    six years, prompting manufacturers to expand production.

    “China’s manufacturing economy continued to recover at a relatively
    quick pace in October. New orders placed with companies improved
    substantially, and new export orders rose at the fastest pace since the
    Sino-US trade war broke out,” said Dr Zhengsheng Zhong, director of
    macroeconomic analysis at CEBM Group.

    However, other data points suggested weakness in certain sectors of China’s huge manufacturing industry.

    The survey showed that business confidence in the country remains weak
    amid a slowing economy and trade tensions, while factories continue to
    cut jobs.

    “If the improvement in demand, including that generated
    by infrastructure projects and exports, is able to continue,
    the manufacturing sector can gradually build a foundation
    for stability,” Dr Zheng added.

    An official reading of the country’s manufacturing sector released on
    Thursday showed activity contracted for a sixth successive month.

    The official gauge examines mainly larger, state-owned companies.

    “A divergence in the official and unofficial PMIs makes it unusually
    difficult to gauge how the economy performed at the start of Q4,” said
    Julian Evans-Pritchard, senior China economist at Capital Economics.

    China’s economy grew at its slowest pace in about 30 years in the
    third quarter of this year amid trade tensions with the US. Anxieties
    over US-China trade reemerged on Thursday after Bloomberg reported that
    Beijing had cast doubt on the prospects of long-term deal between the
    world’s top two economies.
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