Asia Bizz: China’s Manufacturing Sector Growth Rate Touches Six Month High
China’s manufacturing sector growth rate has touched a six month high record, which is reflected that the world’s second largest economy is on the highway of strong growth. Purchasing Managers Index touched 54.7 from September’s 53.8, blasting away analysts expectation on the growth rate. Private sector manufacturing too jumped to 54.8 from 52.9, indicating the private sector too has caught onto strong ground.
The experts were very happy to witness such a strong index in the manufacturing sector, specially in the month of October, when there is the national week long holiday, during which the production sector slows down considerably. Asian company shares too rose by 1.9% during the morning session in Shanghai, after the China witnessed the strong growth.
Four straight months of strong and positive PMI’s have reflected that China’s growth has been very steady in the past months. Even though the country might be devaluing its currency to stabilize its economy, the country is still looking ahead to gain strong ground in Asia.