China’s Manufacturing Sector to Continue Growing in December
A recent Reuters poll indicates that factory activity across China has continued to grow into December, supporting economic recovery after
A recent Reuters poll indicates that factory activity across China has continued to grow into December, supporting economic recovery after successfully handling the coronavirus outbreak earlier this year. According to economists, China’s official manufacturing PMI is expected to come in at 52 for the month of December, slightly lower than 52.1 in November, but still above the 50-threshold indicating expansion.
The manufacturing PMI had risen to an over three year high during the month of November and ease lower in the present month. In addition, robust industrial production and sales are expected to support a rise in industrial profits throughout China for the seventh consecutive month.
China’s GDP for 2020 is forecast to come in at +2%, with the economy growing at the slowest pace in more than 30 years due to the coronavirus pandemic. However, its performance is still far better than most other countries where the economies have contracted severely and driven recessions.
Another survey by China Beige Book indicates that two-thirds of executives in the country expect economic recovery to pre-pandemic levels to take another three months. Despite China successfully containing the spread of the virus, its export-reliant economy is likely to feel the strain from a dip in external demand as most of its key trading partners still reel under the effects of coronavirus.
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