Photo: Reuters
BEIJING (Reuters) - China's factory activity expanded at the fastest pace in more than three years in November, keeping it on track to be the first major economy to fully recover from the coronavirus crisis.
The official manufacturing Purchasing Manager's Index (PMI) rose to 52.1 in November from 51.4 in October, data from the National Bureau of Statistics showed on Monday.
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.
Analysts had expected it to climb slightly to 51.5.
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.
But surging infections and fresh lockdowns in many of its key trading partners could dent demand for Chinese exports, which have been surprisingly resilient so far.
The official PMI, which largely focuses on big- and state-owned firms, showed the sub-index for new export orders stood at 51.5 in November, improving further from 51.0 a month earlier.
Economic indicators ranging from trade to producer prices all suggest a further pick up in the industrial sector. A sub-index for the activity of small firms stood at 50.1 in November, up from October's 49.4.
A strong November e-commerce shopping festival in China unleashed strong consumer demand, bolstering confidence for small and medium firms.
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