The mood in the Chinese economy has improved surprisingly strongly.
(Photo: Getty Images; Per-Anders Pettersson)
Frankfurt, Tokyo After the end of the corona restrictions, growth in China is picking up speed. The manufacturing purchasing managers’ index (PMI) rose to 52.6 in February from 50.1 in January, the national statistics office said on Wednesday. The PMI significantly beat analysts’ forecast of 50.5 and was the highest reading since April 2012.
The most important economic barometer of the People’s Republic is above the growth threshold of 50 points. Values above 50 points signal an expansion in economic activity, values below a deterioration in sentiment.
A separate purchasing manager index by the Chinese business magazine Caixin rose by a similar amount. It rose from 49.2 to 51.6 points in February.
“While these numbers should be taken with caution as there could be significant seasonal and event-related factors, the overall trend still points to a solid recovery in early 2023,” said Zhou Hao, economist at Guotai Junan International.
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