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China's manufacturing activity expands for 11th month
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CHINA'S manufacturing sector expanded for the 11th-straight month in June, indicating strength in the world's second largest economy, official data showed Friday.
The country's manufacturing purchasing managers' index (PMI) came in at 51.7 in June, up from 51.2 in May, said the National Bureau of Statistics (NBS).
A reading above 50 indicates expansion, while a reading below reflects contraction.
Sub-indices for production and new orders came in at 54.4 and 53.1, respectively, up from 53.4 and 52.3 last month, indicating accelerated growth in both supply and demand, according to NBS senior statistician Zhao Qinghe.
External demand also bounced back, with the sub-index for new export orders standing at 52, well above 50.7 in May.
Equipment manufacturing and high-tech manufacturing continued robust growth, with the sub-indices coming in at 53 and 53.6 respectively, suggesting improved industrial structure.
While the overall picture remains positive, some traditional industries including oil processing and coking as well as the nonmetal mineral products industry still face downward pressure, said Zhao.
Also, over 40 percent of surveyed companies reported tight liquidity for the fourth-consecutive month, indicating that financial services should do more to support the real economy, Zhao said.
Friday's data also showed that China's non-manufacturing sector expanded at a faster pace in June, with the non-manufacturing PMI coming in at 54.9, up from 54.5 in May.
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