China's manufacturing PMI rises for two consecutive months
China's manufacturing purchasing managers' index (PMI) came in at 49.7 in June, up 0.2 percentage points from May, showing a consecutive increase for two months, according to data published by the National Bureau of Statistics (NBS) on Monday. Meanwhile, the non-manufacturing PMI was 50.5 during the same period, up 0.2 percentage points from the previous month, CGTN reports.
The production index rose to 51.0, up 0.3 percentage points from May, while the new orders index increased to 50.2, returning to the expansion range after running below 50 for two consecutive months, indicating an expansion in both supply and demand.
Among the 21 surveyed industries, 11 were in the expansionary territory, four more than in May, reflecting a broadening recovery.
Zhao Qinghe, a senior NBS statistician, noted that the rebound in data shows that manufacturing production has accelerated and market demand has improved.
He Hui, vice-president of the China Federation of Logistics & Purchasing, said that with the implementation of a series of policies, both supply and demand in the manufacturing sector are gradually improving. He pointed that the rebound in the new orders index above the 50 threshold underscores the resilience of China's economic growth.
Meanwhile, the non-manufacturing sector maintained steady growth in June, with the business activity index edging up to 50.5. The services PMI dipped slightly to 50.1, while the construction sector saw a notable rebound, jumping 1.8 percentage points to 52.8, signalling strong infrastructure activity.
As reported earlier, China delivered the world's first smart offshore aquaculture vessel.
