Factory activity in China expanded at its fastest rate in almost a decade in July, amid signs of a wider recovery from the coronavirus crisis in some of Asia’s biggest economies.
The Caixin manufacturing purchasing managers’ index, a private sector survey, beat expectations to hit 52.8 in July, its highest level in more than nine years. A figure of more than 50 indicates expansion compared with the previous month.
The reading reflects a bounce back of activity after a sharp contraction earlier this year, when the country was under lockdown because of the coronavirus pandemic. China’s economy returned to growth in the second quarter and factory activity has increased in each of the past three months.
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