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China's Economy Is In High Spirits
The manufacturing industry in China is expanding faster than it has been in almost ten years. The industry has apparently checked off the corona pandemic. But as long as the virus rages abroad, it will also leave its mark on the Chinese economy.
Yazar: Tom Roberts
Yayınlanma: 3 Kasım 2020 01:07
Güncellenme: 9 Kasım 2024 23:32
China's Economy Is In High Spirits
The mood in the boardrooms of Chinese companies is better than it has been in almost ten years, now that China seems to have the coronavirus largely under control. The purchasing managers index (PMI) of the business magazine "Caixin" for the manufacturing industry rose in October from 53.0 in the previous month to 53.6 points. The important economic barometer thus reached its highest level since January 2011, as the newspaper reported. The index indicates an expansion of the industry above 50 points, while a contraction can be assumed below.
The first infections with the coronavirus were discovered in China in December. The second largest economy has now brought the pandemic under control with strict quarantine measures, mass tests, contact tracing and entry restrictions. Today, only a few small local outbreaks are publicized in the People's Republic, as most recently in Kashgar in northwest China, otherwise only a few imported cases. So everyday life and economic activity have normalized.
The manufacturing sector continued to recover in October, with both demand and supply improving. "Companies are very apt to expand their inventories," said Caixin economist Wang Zhe. "Prices are stable. Business operations are improving and entrepreneurs are confident."
However, the new wave of infections with the virus in other countries is causing the demand from abroad for products "Made in China" to grow more slowly again, even if the new export orders in October continued to grow for the third month in a row. "The twists and turns in infections abroad remain headwinds for exports," said Wang Zhe.
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