Mubasher: Growth in China's manufacturing sector unexpectedly rose in November, encouraged by the strong global demand for Chinese exports, providing a shot in the arm for the world's second-largest economy.
The official Purchasing Managers’ Index (PMI) rose 51.8 in November, up from 51.6 in October, the National Bureau of Statistics’ data showed.
The Chinese economy has beat economists’ forecasts, seeing a surprising upward trajectory after many analysts expected a slump in the last months of the year on the back of China's efforts to slash excess capacity, rein in pollution, and cut corporate and financial-sector debt.
“A lot of people (predicted) a cyclical slowdown, but we haven’t seen that...it looks like the current momentum can be sustained until at least early next year,” said Zhou Hao, senior Asia emerging markets economist at Commerzbank.
The robust global demand for Chinese exports boosted the rebound of the economy, said Liu Xuezhi, an economist with Bank of Communications.
Global demand helped China's economy see better-than-expected growth in the first three quarters of the year recording a 6.9%, boosted by strong exports and aggressive government spending.
