China’s January factory activity returns to growth as economists cheer its reopening
Publishing timestamp: 2023-01-31 03:31:04
Summary
China's official manufacturing purchasing managers' index (PMI) rose to 50.1 in January, above the 50-point mark that separates growth from contraction. Citi economists noted that the data confirms that earlier reopening and peak infections have set the stage for a broad-based economic recovery. Non-manufacturing PMI rose to 54.4, the highest level since June 2022. Goutai Junan International's chief economist Hao Zhou said the data showed a fast reopening has brought a boost to the economy, especially the services sector. He predicted that China's GDP for the second quarter of 2023 will be in the 8% range due to the low base seen in the same period last year.
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Keywords: world economy, asia economy, economic events, citi trends inc, business news, china,