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You are here » Home Page » News » China's overall economy grew 7.8 percent

China's overall economy grew 7.8 percent

2013-11-01 source own

China's manufacturing activity expanded at its swiftest level in eighteen months in October, contributed to signs of a recovery in the world's second-largest economy.
The recognized Purchasing Managers' Index ( PMI ), a measure of the sector's wellbeing, increased to 51.4 from 51.1 in September. Manufacturing is an important driver of China's growth and a PMI reading above 50 implies an expansion in the sector. The data happens just weeks after China stated its economic development picked up pace in the July-to-September quarter.

China's overall economy grew 7.8% in the quarter from a year earlier, up from the 7.5% growth recorded in the previous 3 months. The rise in the tempo of growth was the 1st in 3 quarters of earnings. Official statistics produced last month additionally demonstrated growth in industrial output, retail sales and fixed asset investment. After numerous years of blistering growth, China has witnessed its rate of growth slow recently. China is aiming for a growth target of 7.5% for the year.

China analysts claimed the recent statistics indicated that it was most likely that Beijing will meet this."This is within line with our reasonably gentle growth outlook," said Louis Kuijs, an economist at Royal Bank of Scotland.

"With worldwide demand impetus likely to pick up steadily with domestic demand growth remaining solid , we anticipate GDP growth to easily outperform the government's bottom line in the imminent quarters."

Mr Kuijs added that he thinks China's overall economy to expand 7.7% in the present year.Another PMI reading released by HSBC, which examines relatively smaller firms, also indicated an expansion in the sector.

The HSBC PMI reading rose to 50.9 in October, from 50.2 in September. It is the most powerful improvement in the HSBC index in seven months.

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