BEIJING, Sept 1(Reuters) – China’s factory activity expanded at the fastest clip in nearly a decade in August, bolstered by the first increase in new export orders this year as manufacturers ramped up production to meet rebounding demand, a private survey showed on Tuesday.
The world’s second-biggest economy has largely managed to bounce back from the coronavirus crisis, and the emerging bright spot in the forward-looking gauge of export orders could herald a more durable and broad-based recovery for the Chinese economy in the months to come.
The Caixin/Markit Manufacturing Purchasing Managers’ Index(PMI) rose to 53.1 last month from July’s 52.8, marking the sector’s fourth consecutive month of growth and the biggest rate of expansion since January 2011.
It beat analysts’ forecasts for a slight dip to 52.6. The 50-mark separates growth from contraction on a monthly basis.
The upbeat findings contrasted with an official survey on Monday, which showed