01 August 2013 04:07 [Source: ICIS news]
SINGAPORE (ICIS)--China’s official purchasing managers’ index (PMI) rose to 50.3 in July from 50.1 in the previous month, signalling that the country’s key manufacturing sector picked up amid stronger demand for its goods, official data showed on Thursday.
A PMI reading above 50 indicates expansion, while a reading below 50 denotes contraction in manufacturing activities.
A sub-index measuring new orders rose to 50.6 in July from 50.4 in June, according to the China Federation of Logistics & Purchasing (CFLP).
China’s economy, which relies heavily on its manufacturing and export sectors, decelerated further in the second quarter, logging in an annual growth of 7.5%.
The country’s economy grew at an annualised rate of 7.7% in the first quarter of this year.
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