China’s manufacturing industry experiences growth
The manufacturing industry in China has experienced a surprise growth following the government’s attempts to increase the economy, according to BBC News.
After the Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) survey released on Monday (1 April), it was announced that the sector has risen to 50.8 up from 49.9 the previous month.
The results posted an eight-month high and beat the 49.9 predicted forecast in Reuters poll of economists. The result is similar to China’s official PMI data that was announced on Sunday (31 March), it showed manufacturing activity increasing to 50.5 in March up from 49.2 the previous month in February.
China’s official PMI data reviews activity at bigger manufacturers and the Caixin and Markit survey zones in on smaller and medium-sized firms in the industry.
Following the results, the stronger-than-expected data sent Asian stocks higher while Hong Kong’s Hang Seng index increased 1.7% and the Shanghai Composite rose 2.3%.