BEIJING (Reuters) – Manufacturing activity in China accelerated in December thanks to a consolidation of production and new orders, shows a private survey published on Tuesday, which nevertheless indicates that industrial confidence remains measured for the new year.
The manufacturing PMI index calculated by Caixin/S&P Global climbed last month to 50.8 from 50.7 in November, its highest rate in seven months, while the consensus stood at 50.4.
In a context of low demand and a crisis in the real estate sector, in addition to geopolitical factors, the manufacturing sector had a delicate year in 2023.
Policymakers in Beijing have promised to encourage economic rebound with adjustments in the coming year. Markets and investors are awaiting the deployment of new stimulus measures.
According to the Caixin survey, industrial production grew in December at its strongest pace since last May and new orders reached a ten-month peak in the wake of the rebound in consumption.
The data communicated by Caixin contrast with the official survey published on Sunday, which indicates a greater slowdown than expected in manufacturing activity in December.
(Reporting Ellen Zhang and Ryan Woo; Jean Terzian)
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