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E-mail Xinhua, December 1, 2024
This photo taken on Nov. 29, 2024 shows a smart welding robot at a local company in Chenzhou City, central China's Hunan Province. [Photo/Xinhua]
China's manufacturing sector registered accelerated expansion in November thanks to government policy support, data from the National Bureau of Statistics (NBS) showed on Saturday.
The purchasing managers' index (PMI) for China's manufacturing sector came in at 50.3 in November, up from 50.1 in October, according to the NBS.
A reading above 50 indicates expansion, while a reading below 50 reflects contraction.
China's manufacturing sector saw accelerated expansion in November as a series of incremental policies and existing policies gradually took effect, according to NBS statistician Zhao Qinghe.
Both supply and demand in the manufacturing sector saw recovery in November, with the sub-indices for production and new orders rising to 52.4 and 50.8, respectively, Zhao said.
Notably, the general equipment and automotive industries reported rapid expansion, with their production and new order sub-indices coming in above 54.
NBS data also showed that key sectors such as high-tech manufacturing and consumer goods, as well as equipment manufacturing, continued to perform stably and positively.
Market sentiment continued to improve in November, with the business expectation index rising to 54.7, reflecting growing confidence among manufacturers.
Saturday's data also showed that the non-manufacturing PMI came in at 50 in November, down from 50.2 in October, and the general PMI stood at 50.8, unchanged from October.
The business expectation index for the services sector remained at a high level of 57.3 in November, while that for the construction sector rose to 55.6, indicating improved market sentiment in both sectors, according to the NBS.
Since September, various government departments have introduced significant incremental policies aimed at bolstering economic growth.
These measures focused on five key areas: enhancing macroeconomic countercyclical adjustment, expanding effective domestic demand, increasing support for enterprises, stabilizing the real estate market, and boosting the capital market.
As the benefits of the incremental policy package and existing policies unfold, there has been a boost to economic vitality, optimized industrial structures and enterprise confidence, said Wen Tao, an analyst at the China Logistics Information Center.
On the whole, positive changes have continued to accumulate, and China's current economic recovery has been consolidated further, Wen said.
