China’s manufacturing is still growing and supporting the Chinese government’s 7.5% economic growth target, according to official data released today.
The China PMI hit 51.7 from 51.0 last month, slight ahead of market expectations of 51.4. Readings above 50 indicate expansion.
The highest level of the Purchasing Managers’ Index in two years supports economic growth and adds weight to government policies.
A preliminary PMI survey released last week by HSBC and Markit showed that rising new orders have lifted the growth of factory sector activity to a 18-month high in July.
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