Research shows China’s manufacturing sector showed further signs of recovery in July after the domestic economy continued to revive and external demand picked up.
China’s official purchasing managers’ index (PMI) for July inched up to 53.3 from 53.2 in June, the China Federation of Logistics and Purchasing said.
It was the fifth straight month that the official PMI has stood above the watershed mark of 50, indicating an expansion of activity. It was also the third consecutive month that the PMI reading had increased ever so slightly, showing that the recovery had steadily found firmer footing.
“Looking ahead, with domestic demand growing more quickly, we can forecast that the economic recovery will continue,” said Zhang Liqun, a researcher at the State Council’s Development Research Centre, who comments on the official figure for the logistics federation.