Igor Kutyaev
A private survey showed that factory growth hit a 14-month high this month.
The Caixin China General Manufacturing PMI increased to 51.4 in April 2024 from 51.1 in the previous month, beating estimates of 51. It was the sixth straight month of growth in factory activity and the fastest pace since February 2023, as output grew the most since May 2023, supported by improvement in demand conditions.
Official data showed that Chinese manufacturing and services sector activities remained expansionary but slowed in April.
The official NBS Manufacturing PMI in China was down to 50.4 in April 2024 from March’s 12-month-high of 50.8 a month earlier, compared to market forecasts of 50.3. It was the second straight month of expansion in factory activity, amid continued efforts from Beijing to spur an economic upswing.
The official NBS Non-Manufacturing PMI for China fell to 51.2 in April 2024 from 53.0 in the previous month, falling short of the market consensus of 52.2. It was the 16th consecutive month of expansion in services activity but the softest pace since January, as new orders shrank at a steeper rate (46.3 vs 47.4 in March).
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