In November, China's factory activity expanded at the fastest rate in three years, while growth in the services sector also reached a multi-year high as the country's economic recovery intensified after the pandemic.

Positive data released Monday suggests that the world's second-largest economy is on track to become the first to completely shed the burden of widespread industry shutdowns, with recent production data showing that manufacturing is now in business. at pre-pandemic levels.

China's official manufacturing purchasing managers index (PMI) rose to 52.1 in November from 51.4 in October, according to data from the National Bureau of Statistics. It was the highest PMI reading since September 2017 and remained above the 50-point mark that separates growth from contraction, on a monthly basis. It is also higher than the reading of 51.5 predicted by analysts polled by Reuters.

"The rise in the manufacturing PMI in November, with broad improvements in all sub-indices, suggests that the recovery momentum in the industrial sector has become more assured," said Zhang Liqun, analyst with the China Federation of Logistics and Purchasing.

"But the results also showed that inadequate demand is still a common problem companies face. We need to consolidate support for policies aimed at expanding domestic demand."

infobae.com