October 3, 2023
1 min read

China Getting Back On Its Feet

Bumper travel figures have also given analysts cause for cautious optimism….reports Asian Lite News

A return to growth in China’s manufacturing sector and a boom in travel during the annual “Golden Week” holiday is fuelling hopes that the economy could be regaining momentum after a major slowdown this year, a media report said.

China’s official manufacturing purchasing managers’ index (PMI) rose to 50.2 from 49.7 in August, the first time it has indicated expansion since March, according to the National Bureau of Statistics, CNN reported.

A PMI reading above 50 indicates growth or expansion, while any reading below represents a contraction.

Activity in services and construction also accelerated last month, according to a separate index that hit 51.7, its best level in three months, CNN reported.

A private gauge of activity released Sunday also showed the world’s second biggest economy continuing to grow, albeit at a slower pace than the previous month. PMI data released by Caixin Media and S&P Global showed both manufacturing and services losing some momentum.

Economists widely believe the official PMI survey covers mostly larger, state-owned enterprises, while the Caixin reading is focused on smaller, private firms.

The PMI readings have added to signs that the Chinese economy may be picking up momentum again after GDP growth slowed to just 0.8% for the June quarter compared to the three months prior, as a post-pandemic boom faded, consumers lost confidence and a deep property slump continued to weigh heavily on activity, CNN reported.

Bumper travel figures have also given analysts cause for cautious optimism.

Last Friday, China had kicked off the longest stretch of public holidays this year, spanning eight days to October 6.

On the first day of the holiday, the country’s national railway had handled 20.1 million passenger trips, setting a new record, according to data released by China State Railway Group. The Ministry of Transport expects highway traffic also hit a record, with an estimated 66 million vehicles on the roads, CNN reported.

ALSO READ: China Visit Strengthened Mutual Trust: Nepal PM

Previous Story

Indian High Commission Faces Khalistan Protest in London

Next Story

Indian Navy’s 1TS Warships Reach Malaysia

Latest from -Top News

UN Pays Tribute to Indian Soldiers

Thursday was observed as the 77th UN Peacekeepers Day, honouring the work of 61,353 peacekeepers, of whom 5,375 hailed from India….reports Asian Lite News Brigadier Amitabh Jha and Havildar Sanjay Singh, who

Modi’s New Warfare Playbook

Modi has upended the old playbook and India and Pakistan are entering dangerous new territory where nuclear deterrence is no longer a guarantee against conventional conflict…writes Collins Chong Yew Keat The India-Pakistan

World needs Dubai’s ambition: Morgan

Piers Morgan has hailed Dubai’s transformation as an example of what visionary leadership can achieve. British broadcaster Piers Morgan has praised the extraordinary ambition and vision of His Highness Sheikh Mohammed bin

Mohammed honours football champions

Ruler of Dubai hails players as role models during palace reception His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai, received the

Abu Dhabi sets 2050 energy vision

Abu Dhabi unveils AED400 billion energy roadmap, inked climate finance pact ahead of 2026 UN Water Conference Abu Dhabi has unveiled a sweeping strategic framework to transform its energy and water sector
Go toTop

Don't Miss

US panel on CCP discusses labour rights violations by China

During the event, Robert Joseph Wittman, a US lawmaker, elaborated

Wuhan lab leak origin of Covid-19, Parliament panel told

Asked by the panel about the probability of a lab