Survey: Economy expands in June
China's manufacturing sector resumed its expansion in June, according to a key private survey, which analysts say tends to confirm stabilization in the world's second-largest economy despite some domestic financial tightening and unstable markets abroad.
The rise in the Caixin PMI was mainly driven by output and new orders. The subindex of prices also rose quickly, according to Caixin Media, the provider of the index. Total new orders rose to 51.0, the highest level in three months, up from 50.3 in May, with new export orders also increasing.
The rate of expansion in output quickened in June, and job-shedding eased to its slowest pace in three months, according to Caixin.
Results of the Caixin PMI, which surveys about 500 smaller private companies, especially in China's eastern coastal areas, are in line with the June PMI reading released by the National Bureau of Statistics, which surveyed about 3,000 larger enterprises in various industries, including State-owned companies. The NBS survey set June manufacturing PMI at 51.7, up from 51.2 the previous month.
"Based on the current situation, China may be bottoming out," said Zhang Liqun, an economist in the Development Research Center of the State Council, China's Cabinet.
The June PMI reading "was more like a rebound, with an economic downtrend likely to be confirmed later", Zhong Zhengsheng, director of Macroeconomic Analysis at CEBM Group, said in a note after the release of the Caixin PMI
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