SINGAPORE (ICIS)--Caixin's China general manufacturing purchasing managers' index (PMI) rose to 54.9 in November from 53.6 in October as order volumes surged following a strong recovery from the coronavirus outbreak earlier in the year, the Chinese media firm said on Tuesday.
"Chinese manufacturers signalled the strongest improvement in operating conditions for a decade in November, as growth of both output and new orders accelerated to 10-year highs," it said.
A PMI reading above 50 indicates expansion in the manufacturing economy.
Caixin's November reading mirrors the growth in China's official manufacturing PMI which hit a three-year high at 52.1.
"Overseas demand improved substantially as the measure for new export orders stayed in expansionary territory for the fourth month in a row, rising from the previous month," said Wang Zhe, senior economist at Caixin Insight Group.
As production overseas was subdued by uncertainties brought by the pandemic, Chinese firms saw an increase in export orders but this growth was slightly weaker than that of domestic demand, Zhe said.
“We expect the economic recovery in the post-epidemic era to continue for several months. At the same time, deciding how to gradually withdraw the easing policies launched during the epidemic will require careful planning as uncertainties still exist inside and outside China,” Zhe added.
Interactive by Nurluqman Suratman