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Caixin PMI the highest in nearly four years

MANUFACTURING activities in China’s private sector expanded at the quickest pace in nearly four years supported by faster increase of production, a sign of further warming up in the economy.

Caixin China General Manufacturing PMI, slanted toward private and export-oriented companies, picked up to 51.9 in December from November’s 50.9 points, according to a survey by financial information service provider Markit and sponsored by Caixin Media.

The December reading was the highest since January 2013, the survey said.

“ The sub-indices for output and new orders both hit multi-year highs while those for input costs and output charges continued to rise rapidly, underlining sustained inflationary pressure,” Zhong Zhengsheng, director of macroeconmic analysis at CEBM Group said. “The Chinese manufacturing economy continued to improve in December, with the majority of sub-indices looking optimistic.”

But he added that it is still to be seen if the stabilization of the economy is consolidated due to uncertainties in whether restocking and consumer price rises can be sustainable.

The rate of output growth accelerated to a 71-month high, highlighted by a sustained increase in new business during December.

Data indicated that improved domestic demand was the key driver of new business growth, while new export sales were unchanged in December, the survey said.


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