China's factory activity growth acceleratesBEIJING -- China's factory activity grew at its fastest rate in more than two years in November, official data showed Thursday, as cheap credit and improving demand helped revive industry in the world's second-largest economy. The better-than-expected pick-up in the closely watched purchasing managers' index (PMI) will provide fresh hope for stability after a long-running slowdown in economic growth. The expansion in factory activity was driven by an uptick in market demand, with production of consumer goods and high-tech equipment both accelerating, NBS analyst Zhao Qinghe said in a statement. The private Caixin Purchasing Manager's Index, which focuses on smaller companies, also showed activity accelerating, albeit at a slower rate. The data showed China's industrial sector "continued to pick up steam," pointing to more inflationary pressures, Caixin analyst Zhong Zhengsheng said in the statement.

Source: The China Post December 01, 2016 17:53 UTC