HomePage News Country's PMI up as IMF raises forecast for growth

2023-02-22 / Industry news

Country's PMI up as IMF raises forecast for growth

China's economic activity, including manufacturing and services, expanded for the first time in four months in January, as domestic demand picked up on the back of optimized COVID-19 measures and supportive policies for steady growth.
 

图片%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20230222102717

▲A textile company employee works at a factory in Huai'an, Jiangsu province, on Monday. China's purchasing managers index reached 50.1 in January, passing the 50-point mark that separates growth from contraction. ZHAO QIRUI/FOR CHINA DAILY

 
The official purchasing managers index for China's manufacturing sector bounced back to 50.1 in January, after reaching 47 in December, data from the National Bureau of Statistics showed. The 50-point mark separates contraction from growth.
 
China's non-manufacturing PMI came in at 54.4 in January, up from 41.6 in December.
 
The country's official composite PMI, which includes both manufacturing and services activities, came in at 52.9, compared with 42.6 in December, according to the NBS.
 
Analysts said the rapid expansion of economic activity signals that prospects for economic recovery are improving. Thanks to the implementation of optimized COVID containment measures, the robust recovery in activity and mobility, and stronger policy support, they expect a notable rebound in GDP growth in 2023.
 
The International Monetary Fund has also raised its forecast for China's economic growth in 2023 to 5.2 percent, up 0.8 percentage points from its projection in October. The country's recent moves have paved the way for a faster-than-expected recovery, the IMF said in its latest World Economic Outlook report.
 
Pierre-Olivier Gourinchas, IMF chief economist, said at a news conference held on Tuesday in Singapore to launch the report that the world is witnessing a rapid recovery of the Chinese economy.
 
The IMF also noted that world economic growth will slow from 3.4 percent in 2022 to 2.9 percent in 2023.
 
Zhao Qinghe, a senior statistician at the NBS, noted the improvement in China's vast manufacturing sector, saying that factory activity expanded due to resumption of normal production and daily life.
 
Total new orders bounced back to expansionary territory with its sub-index rising to 50.9 in January, the highest level seen since June 2021. Also, the sub-index for production stood at 49.8 in January compared with 44.6 a month earlier, according to the NBS.
 
Lu Ting, chief China economist at Nomura, said that January's official manufacturing PMI was in line with market expectations, while the non-manufacturing PMI was well above market expectations, thanks to the release of pent-up demand for in-person services sectors.
 
According to the Ministry of Culture and Tourism, there were 308 million domestic tourist visits during the seven-day Spring Festival holiday, up 23.1 percent year-on-year and equivalent to about 88.6 percent of the pre-COVID level in 2019.
 
Looking to February, Lu said his team expects both the manufacturing and non-manufacturing PMIs to rise further.
 
Lu also warned of headwinds and challenges ahead, given relatively moderate pent-up demand, mainly in catering and tourism, long-term issues in the property sector and weakening external demand.
 
Citing the State Council executive meeting chaired by Premier Li Keqiang on Saturday, Wen Bin, chief economist at China Minsheng Bank, said the country has stepped up efforts to consolidate the momentum of the recovery.
 
Noting the challenge of lackluster demand, the meeting called for measures to promote an early recovery of consumption as the main economic driving force, steadfastly advance opening-up as well as upgrade foreign trade and investment.
 
Looking into the full year, Wen said China is on track for a steady rebound with the COVID shocks fading and stimulus policies taking effect gradually. He forecast that the economy will likely expand around 5.5 percent in 2023, higher than the 3 percent GDP growth in 2022.

More News

重要新闻｜习近平在越南媒体发表署名文章

Industry news

随着“一带一路”战略的推进，以及中国与东盟国家自贸协定的签署，东南亚市场已经成为我国出口的重要目的地。Interfoam Southeast Asia 是 Interfoam 旗下展览会的全球系列展之一，面向东南亚发泡材料行业及其应用市场，辐射亚太地区发泡产业，是全球发泡企业投资深耕、开发布局东南亚市场的最佳选择。

Learn more

Why is Interfoam Southeast Asia the Best Platform for Deeply Cultivating the Foam Market in Southeast Asia?

Exhibtion news

Interfoam Southeast Asia is one of the branding exhibition of Interfoam, which focus on foam material industry and its application market in Southeast Asia area, radiating to the Asia-Pacific region. It’s the best choice for global foam enterprises to invest and develop in the Southeast Asia market.

Learn more

Become a speaker: "Redefine Foams" The Foams and Applications International Forum

Exhibtion news

The forum will focus on the theme of "Redefining Foams", in which discussing the application innovation and technological development in various fields of foams, with the way of lectures and panel meetings by speakers from different industry fields in foams.

Learn more

Interfoam Debuts in Southeast Asia, Leading Vibrant Development for Foams Industry and Its Application Market

Exhibtion news

On August 23, 2023, Interfoam Vietnam 2023 launched at Saigon Exhibition and Convention Center (SECC) in Ho Chi Minh City, Vietnam, and the exhibition will continue until 25th. Except local participants from Vietnam

Learn more

Xuchuan Chemical｜Wide Range of Production Line in Polyurethane

Exhibtion news

Xuchuan Chemical was founded in 2007, headquartered in Taicang Port, Jiangsu Province, national High-tech Development Zone. Xuchuan Chemical has four large-scale production bases. It is a state-level high-tech enterprise, National specialized special new small giant enterprise.

Learn more

Speaker Spotlight｜Tina Ji from TAIAN STRENGTH EQUIPMENTS

Exhibtion news

"Redefine Foams" The 3rd Foams and Application International Forum will focus on the theme of "Redefining Foams", in which discussing the application innovation and technological development in vertical application fields of foams, through dimensions of sustainability, academic research, technological innovation and application expansion.

Learn more

SHOW GUIDE｜Your Target/Benchmark Company is Coming

Industry news

Interfoam is a leading platform in the whole foam industry, including exhibition, conference, media, Golden Foam Awards, virtual show, expert talk, and industry community etc. Interfoam leads the foam industry in sustainable development, application innovation and technological change, and constantly creates long-term value for the foam industry.

Learn more

Yiborun｜Polyurethane-Polyether and Special Material

Exhibtion news

Founded in April 2020, Shandong Yiborun New Material Technology Co., Ltd. is located in Shandong provincial chemical industrial park-Wudi Xinhai Industrial Park in Binzhou City. Phase I is the project to produce 100,000 tons of polyurethane-polyether material and Phase II is the project to produce 200,000 tons of special materials.

Learn more

Speaker Spotlight｜Huafeng Tian from BTBU

Exhibtion news

"Redefine Foams" The 3rd Foams and Application International Forum will focus on the theme of "Redefining Foams", in which discussing the application innovation and technological development in vertical application fields of foams, through dimensions of sustainability, academic research, technological innovation and application expansion.

Learn more
Exhibit
Speaker
Visit

HJT Exhibition (Shanghai) Co., LTD,

Founded in 2011, HJT EXPO is China's outstanding exhibition and conference organizer. The company focuses on the professional exhibition and conference in the subdivision field, and is committed to providing the most professional exhibition service platform for the subdivision field, creating value for the industry from the most professional perspective.

Let trust create opportunities

Our Events

Please browse vertically for better experience.