China's manufacturing sector shows signs of recovery in January 2024

Source:China Sport ShowRelease time:09-Feb-2024Clicks:

Article From：sports-insight

China's manufacturing sector displayed signs of recovery in January 2024, as the purchasing managers' index (PMI) rose to 49.2, marking an improvement from the previous month's figure of 49, according to the data released by the National Bureau of Statistics (NBS). There data indicated a rebound in manufacturing activity following a three-month period of decline that began in October 2023. The PMI had previously recorded figures of 49.4 in November and 49.5 in October.

January's improvement is attributed to accelerated production rates and a rise in new orders. Additionally, the month saw stable expectations from factories. A notable increase in export orders was observed, reflecting a resurgence in external demand, according to Chinese media reports.

The overall business outlook for China's manufacturing sector remained largely stable. The PMI for large enterprises returned to the expansion zone, indicating positive growth. Medium-sized companies also showed signs of improvement, although they continued to operate in a contraction phase. However, the situation for small firms remained challenging, with no significant change in their lacklustre performance.