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China manufacturing steady at 18-month high
December 1, 2013, 6:05 am

The Purchasing Managers' Index (PMI) stood at 51.4 in November, China’s National Bureau of Statistics said on Sunday [Getty Images]

The Purchasing Managers’ Index (PMI) stood at 51.4 in November, China’s National Bureau of Statistics said on Sunday [Getty Images]

China’s manufacturing growth was stable maintaining a 18 month high, new data shows.

The Purchasing Managers’ Index (PMI) stood at 51.4 in November, China’s National Bureau of Statistics said on Sunday.

A figure above 50 per cent signals expansion.

Analysts said confidence was boosted by government measures this year to stabilize growth and restructure the economy.

The sub-index for production rose for a fifth month to 54.5 percent, up 0.1 percentage point from October.

After a stint of double digit growth, Chinese leaders have said they are willing to settle for a more sustainable expansion in consumption.

As production picked up, companies bought more raw materials, driving the sub-index for material purchase up 0.9 percentage point to 53.6, new figures show.

China is targeting a 7.5 per cent growth this year. The official data released on Sunday will bolster confidence of the Communist Party leaders who have unveiled a new blueprint for the economy in a key Plenum meet that ended last month.

 

Source: Agencies

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