China: Purchasing Manager Index for January 2021

Manufacturing PMI was 51.3% in January 2021, fell by 0.6% compared to that of the previous month (51.9%), meaning a slower economic activity. However, it is noted an eleven-month economic expansion overall, as it is keeping above the 50% threshold.

Non-Manufacturing PMI showed a decline by 3.3% from last month (55.7%) to 52.24%, and it also showed an eleven-month economic growth. Construction PMI is maintaining its performance with 60%, 0.7% down compared to last month and Services PMI showed a notable decline by 3.7% to 51.1%, compared to last month (54.8%)

These figures, published today by the National Bureau of Statistics of China, show businesses kept confidence in China’s economy performance, despite the impact of Covid-19 around the globe. However, some economic activities that composite the Services PMI (transport, accommodation, catering, sport and entertainment, among others) are still struggling to recover (below the threshold of 50%).

Photo: Pudong - Shangai