China’s Manufacturing PMI Rises to 50.1 in January

A report from chinadaily.com.cn on Jan. 31st, 2023:

China’s factory activity expanded in January for the first time in four months, as both supply and demand improved with the gradual resumption of life and production order, the National Bureau of Statistics showed on Tuesday.

The official purchasing managers index for China’s manufacturing sector bounced back to 50.1 in January after reaching 47 in December, the highest since September, NBS data showed, and above the 50-point mark that separates growth from contraction.

Zhao Qinghe, a senior statistician with the NBS, attributed the improvement in China’s vast manufacturing sector to the gradual normalcy of production and life order and the implementation of a new COVID-19 response.

Total new orders bounced back to expansionary territory with the sub-index rising to 50.9 in January, the highest level seen since July 202l. Also, the sub-index for production came in at 49.8 in January versus 44.6 a month earlier, according to the NBS.

China’s non-manufacturing PMI came in at 54.4 in January after 41.6 in December. Also, the country’s official composite PMI, which includes both manufacturing and services activities, came in at 52.9 compared with 42.6 in December, according to the NBS.