China's factory activity unexpectedly expanded at the quickest pace in almo...
BEIJING - China’s factory activity unexpectedly expanded at the quickest pace in almost three years in November, with solid increases in output and new orders, a private business survey showed on Monday.
The Caixin/Markit Manufacturing Purchasing Managers’ Index index rose to 51.8 in November from 51.7 in the previous month. That marked the fastest expansion since December 2016, when it was 51.9. “Manufacturing investment may be lingering near a recent bottom,” Zhang wrote in a release accompanying the data.
The official survey focuses more on heavy industry than Caixin’s, which is believed to include firms that are more export oriented. The two surveys also cover different geographical areas. Resilience in the sector led to a notable recovery in the labour market in the month, with companies adding workersHowever, profit margins remained under pressure, with input costs continuing to rise while output charges fell, suggesting some firms are still cutting their prices due to fierce competition for sales.
While China has cut some of its key lending rates in the last few months to reduce corporate financing costs, the reductions have been quite modest. Analysts believe policymakers are reluctant to unleash more aggressive stimulus out of concern it could heighten financial risks and add to a mountain of debt.
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