China's Manufacturing Sector Experiences Accelerated Growth in November
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Beijing, Nov 30 (NationPress) China's manufacturing sector experienced an accelerated growth in November, supported by government policies, according to data released on Saturday.
The purchasing managers' index (PMI) for China's manufacturing sector stood at 50.3 in November, an increase from 50.1 in October, as reported by the National Bureau of Statistics (NBS) through Xinhua news agency.
A PMI reading above 50 signifies expansion, whereas a reading below 50 indicates contraction.
According to NBS statistician Zhao Qinghe, the quicker growth in November was a result of a combination of new incremental policies and the gradual impact of existing policies.
In contrast, the purchasing managers' index for China's non-manufacturing sector registered 50 in November, down from 50.2 in October, according to NBS data.
The sub-index for the service sector remained stable at 50.1 in November, unchanged from October, while the construction sector saw a decline to 49.7 from 50.4, attributed to the onset of colder weather reducing outdoor construction activities, as per NBS.
A detailed analysis revealed that sectors such as internet software and IT services, capital market services, and insurance experienced growth in November. Conversely, sectors related to retail, accommodation, and catering faced a downturn.
This month, China lifted all market access restrictions for foreign investors in the manufacturing sector, a significant step for the world's second-largest economy as it further opens itself up, according to Xinhua.
The revised national negative list for foreign investment eliminated the last two manufacturing-related items from the prior list.
The latest negative list now comprises only 29 restricted fields for foreign investors.
A separate negative list for the country's free trade zones, which serve as pilot areas for opening up practices, achieved zero restrictions for foreign investment in manufacturing in 2021.
