China Manufacturing Activity Continues to Build Up Steam, Caixin PMI Shows

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The expansion in China’s manufacturing activity picked up pace in November, with output and new orders growing at the quickest clip of the second half of the year, a Caixin-sponsored survey showed Monday.

The Caixin China General Manufacturing Purchasing Managers’ Index (PMI), which gives an independent snapshot of the country’s vast manufacturing sector, came in at 51.5, compared with 50.3 in October. A reading above 50 indicates an expansion in activity, while a number below that signals a contraction.

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China's manufacturing activity accelerated in November, with the Caixin PMI rising to 51.5 from 50.3 in October.
Despite increased manufacturing output and new orders, employment contracted for the third month, indicating insufficient workforce to meet demand.
Economic stimulus efforts, including a CNY 10 trillion package for local government debt, boosted optimism but structural and cyclical pressures remain.

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Who’s Who

Caixin Insight Group: Caixin Insight Group is associated with the Caixin-sponsored survey and provides independent insights into China's economy. A senior economist at the group, Wang Zhe, commented on the improved economic performance due to policy synergy and stimulus measures, acknowledging accelerated manufacturing activity in China as reported by the Caixin China General Manufacturing PMI. Despite positive trends, Wang highlighted ongoing pressures, including labor market contraction, requiring effective and consistent policy measures.

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What Happened When

February 2023：: New orders grew at the quickest pace since this month in November 2024.

May 2024：: The backlog of work grew at the quickest pace since this month due to insufficient workforce absorption amid increased demand.

Late September 2024：: Existing policies and additional stimulus measures improved economic performance over the subsequent months.

October 2024：: The Caixin China General Manufacturing PMI was 50.3.

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