China’s manufacturing sector grew at its fastest pace in seven months in November, according to a survey that adds to mounting evidence that the world’s second-largest economy is rebounding.
The official PMI [purchasing managers’ index] rose to 50.6 in November from 50.2 in October, signalling slightly faster growth in the crucial manufacturing sector. A reading above 50 in the gauge of industrial activity signals expansion.
Fears about the US fiscal cliff and the eurozone recession have prompted investors to focus more on China as the key engine of global growth. The PMI data reinforce a growing consensus that the Chinese economy is picking up steam.
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