China’s manufacturing and non-manufacturing PMI figures for November have both bounced back ahead of analysts’ expectations.
Data released by China’s National Bureau of Statistics on Wednesday indicates that the manufacturing PMI for November was 51.8, for an on-month rise of 0.2 percentage points, while the non-facturing PMI was 54.8, for an on-month rise of 0.5 percentages.
Both figures came in ahead of consensus expectations, with NBS’s research Zhang Lijun telling reporters that “overall, fourth quarter economic stabilisation has further consolidated, and the tendency towards strong growth has become more pronounced.
Medium-sized enterprises have reported rising demand and a rebound in prices, with continued improvements in the market environment, while the enterprise operating rates increasing.
Both small and medium-sized enterprises saw pronounced gains in confidence, with medium-scale companies posting a PMI of 50.5 in November for an 0.7 percentage point increase compared to the preceding month, pushing them ahead of the positive threshold.
Small-scale enterprises posted a PMI of 49.8, for an increase of 0.7 compared to the preceding month.
“Following the smooth progress of financial sector deleveraging, the financial sector is increasing the vigour of its support for the real economy,” said Wen Peng, chief analyst for China Minsheng, to Shanghai Securities Journal.
“The central bank’s reserve reduction policy has guided financial institutions in expanding support for micro-enterprises in the fourth quarter, with small-enterprise PMI bouncing back and the SME operating environment further improving.”