China's PMI rises to a high of 51.4 per cent
Nov 01 2013 , Beijing
The purchasing managers' index (PMI) for the manufacturing sector continued its rise for the fourth straight month by posting growth at 51.4 per cent in October, the highest increase since May 2012.
The figure was 0.3 per cent higher than that of September, the National Bureau of Statistics (NBS) said today.
China's manufacturing PMI has risen for four consecutive months, showing a steady upward trend in the sector.
A figure above 50 per cent signals expansion.
Zhao Qinghe, a senior NBS statistician, attributed the strong PMI to expanding production and confidence boosted by government measures this year to stabilise growth and restructure the economy.
The sub-index for production rose for the fourth month to 54.4 per cent, up 1.5 per cent from September, state-run Xinhua news agency reported.
As production picked up, companies also bought more raw materials, driving the sub-index for materials buying up by 0.2 per cent to 52.7 per cent.
"Although the manufacturing PMI rose for the fourth month, forces that drove up the index were not balanced, as sub-indices other than production were relatively weak," Zhao said.