Voice of America
01 Oct 2023, 04:06 GMT+10
BEIJING - China's factory activity in September recorded its first expansion in six months, an official survey said Saturday, providing another sign that the world's second-largest economy is gradually improving after its post-pandemic malaise.
According to the government statistics bureau and an official industry group, the monthly purchasing managers' index rose to 50.2 this month from 49.7 in August measured on a 100-point scale. Numbers above 50 indicate activity is increasing.
Measures of production, new orders and employment all rose from August, the National Bureau of Statistics and the China Federation of Logistics & Purchasing said. But the bureau's senior statistician, Zhao Qinghe, said the manufacturing industry still faces some difficulties in its recovery and development.
Since China lifted its tough COVID-19 restrictions, its leaders have been trying to boost the economy with a series of measures and promising to support entrepreneurs who generate jobs and wealth.
Performances in some sectors have shown improvements, including in factory output and retail sales. But China's property crisis is still dragging on its economic growth.
Official data says the index measuring nonmanufacturing commercial activities grew to 51.7 from August's 51. The composite index rose to 52 from 51.3.
Zhao said the improvement indicated by the latest indexes suggests the level of economic activity is rebounding. As government policies take effect, positive economic factors are increasing, he said.
However, China's economic rebound remained uneven. Real estate developers are struggling to repay heavy debts in a time of slack demand. Last month, investment in real estate fell 8.8% from the year before.
The heavily indebted Chinese property developer China Evergrande Group Investment suspended trading in its shares Thursday in Hong Kong. It said authorities had informed it that its chairman, Hui Ka Yan, was subjected to "mandatory measures in accordance with the law due to suspicion of illegal crimes.'
Observers are watching how other near-term data will play out, including those on consumer spending during the eight-day autumn holiday period that began Friday. The break - which covered the Mid-Autumn Festival Friday and includes National Day on Sunday - is the longest week of public holidays since COVID rules were eased in December.
China State Railway Group Co. recorded a record daily high of 20 million passenger rail trips Friday, official news agency Xinhua reported.
China's economy grew at a 6.3% annual pace in the second quarter of 2023, much slower than the 7%-plus growth that analysts had forecast based on the anemic pace of activity the year before. Roughly 1 in 5 young workers is unemployed - a record high that adds to pressures on consumer spending.
Get a daily dose of Central Asia Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Central Asia Times.
More InformationMOUNT PLEASANT, Michigan: This week, a judge sentenced a Michigan man who kept his dead wife's body in a freezer ...
ATLANTA, Georgia: After two consecutive years of declines mainly caused by the COVID-19 pandemic, babies born in the U.S. in ...
The number of soldiers in the Israeli army killed in the current Israel-Hamas war has topped 400. Three hundred and ...
MOSCOW, Russia: A Russian court has extended the detention of Evan Gershkovich, a U.S. reporter for the Wall Street Journal, ...
Israel intensified its deadly bombardment of the Gaza Strip Saturday as renewed fighting with Hamas entered a second day following ...
ARLINGTON, Virginia: This week, the conservative U.S. political network Americans for Prosperity Action (AFP Action), led by billionaire Charles Koch, ...
PABNA, Bangladesh - According to police, the person responsible for the train arson at Ishwardi railway station on November 27 ...
ABU DHABI, UAE - Nepal, according to Prime Minister Pushpa Kamal Dahal 'Prachanda,' requires a significant investment in infrastructure, human ...
KUALA LUMPUR, Malaysia - According to Malaysia's foreign ministry, 121 people, mostly Malaysians suspected of being victims of job scams, ...
QUETTA, Pakistan - Asif Ali Zardari, Co-Chairman of the Pakistan Peoples Party (PPP), stated on Thursday that 'some forces' impede ...
DHAKA, Bangladesh - The European Union (EU) expressed hope on Wednesday that Bangladesh would hold democratic, credible, peaceful, and participatory ...
NAYPYIDAW, Myanmar: Kyar Win, spokesperson for the Myanmar National Democratic Alliance Army, which launched a surprise offensive last month against ...