China's economic activity swung back to growth in January, official data showed, after a wave of COVID infection passed through the country faster than expected following abandonment of pandemic controls
The official purchasing managers' index , which measures manufacturing activity, rose to 50.1 from 47.0 in December, the National Bureau of Statistics said on Tuesday. Economists in a Reuters poll had predicted the PMI to come in at 48.0. The 50-point mark separates contraction from growth.
Non-manufacturing activity, which includes provision of services, the construction industry and catering, for example, surged to 54.4, up from 41.6 in December.The data is one of the first NBS indicators of how the economy has managed since the end of China's zero-COVID regime and during a week-long Lunar New Year that ended on Friday.
The official composite PMI, which combines manufacturing and services, rose to 52.9 from 42.6 in December. The private sector Caixin manufacturing PMI, which centres more on small firms and coastal regions, will be published on Feb. 1. Analysts polled by Reuters expect a headline reading of 49.5, up from 49.0 in December.
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