China's factory activity expands at fastest pace in over three yearsFILE
China's factories ramped up production for a ninth month in November as they continued to shake off the impact of the coronavirus pandemic.
China's vast industrial sector is steadily returning to the levels of activity seen before the pandemic and tough containment measures paralysed huge swathes of the economy early this year.
"Besides, the new export orders sub-index continued to rise to 51.5 in November from 51.0 in October, suggesting strong demand for Chinese products from overseas economies as they remain mired in the pandemic", said Lu Ting, an analyst at Nomura.
The new export order and import sub-indexes climbed to 51.5 and 50.9 in November, up 0.5 points and 0.1 points respectively from the previous month.
This was higher than October's reading of 51.4, and remains above the 50-point mark separating growth from contraction.
The IHS Markit India Manufacturing Purchasing Managers Index (PMI) fell from over a decade high of 58.9 in October to a three-month low of 56.3 in November, indicating a sustained recovery in the production sector despite some slowdown in momentum.
With the economy continuing to increase its pace of rebound, GDP growth for the fourth quarter of the year may rise to 5.9 percent year-on-year compared with the third quarter's 4.9 percent, according to a report from the China Macroeconomy Forum, an institution backed by the Renmin University of China.
China's economy is expected to expand around 2 percent for the full year, the weakest in over three decades but still much stronger than other major economies that are struggling to bring their coronavirus outbreaks under control.
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Surging infections and fresh lockdowns in some of its key trading partners could dent demand for Chinese exports, which have been surprisingly resilient so far.
E-commerce shopping promotions in November showed strong consumer demand, bolstering confidence for small and medium-sized firms.
He added the recovery across the manufacturing industry remained uneven.
The non-manufacturing PMI came in at 56.4 in November, slightly higher than the month before, signalling further recovery in the services sector.
Railway and air transportation, telecommunication and satellite transmission services and the financial industry were among the best performing sectors in November.
Today's data also showed the labour market is still facing strains.
"We expect the economic recovery in the post-epidemic era to continue for several months".
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