Measures of Chinese Economic Activity Signal Widening Recovery
China’s economic activity has climbed to the highest levels in years, signaling a broadening recovery in the country boasting the world’s second-largest economy just a year after the COVID-19 virus caused officials to implement economically harmful lockdown measures to protect the public health. Both nonmanufacturing and manufacturing quotas have increased significantly, rising 52.1 on the purchasing managers index (PMI) in November, up by .7 since October. China’s manufacturing PMI has also risen to the highest level since June of 2012.
China’s industrial sector has been responsible for leading the country in economic recovery since the second quarter of 2020. As China continues to maintain control over COVID-19 outbreaks through implementing mass testing, it has been able to avoid long and widespread lockdowns, allowing for life to return to normal. Overall domestic consumption in China was also boosted by its annual shopping event called Singles Day.