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China's PMI edges up in July
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09:16, August 03, 2009

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The Purchasing Managers' Index is continuing to climb. The figure for July is 53.3, up from 53.2 just a month before according to the China Federation of Logistics and Purchasing.

China's manufacturing sector consolidated its recovery in July by achieving a fifth consecutive month above the watershed mark of 50. A reading above 50 indicates an expansion of activity in the manufacturing sector, while one below 50 suggests contraction.

Experts attribute the growth to a revived domestic economy and a slight pick-up in external demand.

July is also the third straight month that the PMI has increased ever so slightly. Experts say this shows that the recovery has steadily found firmer footing.

Cai Jin, Vice Chairman of China Federation of Logistics & Purchasing said "The latest figure points to a stable rebound in the Chinese economy. Industries across the board have already seen the trend."

Pter Walker, Managing Director of Mckinsey & Company said "Chinese economy is more stable than other major economies worldwide..."

Experts also predict the trend of steady rebound could continue, with a speed up of growth in domestic demand.

China's PMI hit a record low of 38.8 in November. But since then, the index has started to bounce back. In March, it climbed above the 50 mark. It's now nearly 15 index points higher than the record low.

Source: CCTV.com



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