China’s economy is rapidly re-accelerating according to the latest Purchasing Manager’s Index (PMI).
China’s PMI hit 55.2, capping an eight month streak above 50, which indicates growth.
Within the PMI, the production index has hit the highest level since last May, and most interestingly, even imports are growing impressively.
China Daily: The import index last month jumped 2.1 percentage points to 52.8 per cent, the record monthly high since last April. Nineteen out of the 20 surveyed sectors reported a PMI index above 50 per cent last month.
Zhang Liqun, a researcher with the Development Research centre of the State Council, said the continuous rise of the PMI reading last month was a reflection of the fact that China’s economy was on a upward track.
The fast increase of the import index indicated that China’s domestic demand was expanding fast, he said. The export index also rose, which meant China’s exports were continuing to increase.
“These figures mean that China’s economic growth will continue to accelerate in the next few months. Growth of the gross domestic product is expected to reach around 9.5 per cent in the fourth quarter this year,” he added. Read the whole thing >