China’s Sept manufacturing PMI hits 5 year-high

Data released by China’s National Bureau of Statistics revealed that China’s official manufacturing Purchasing Managers’ Index (PMI) surged to 52.4 in September compared with the reading of 51.7 in August, hitting a 5 year high. Any reading above 50 represents an expansion.

Manufacturing activity grew at the fastest pace since April 2012 as output increased due to strong demand in September while the industrial sector was boosted by government-backed infrastructure spending, firmer prices and higher exports.

Meanwhile, the country’s economic growth in the first half of 2017 was 6.9%. The faster-than-expected rate seems set to support the government’s full-year growth target of 6.5%.