China's manufacturing sector posts faster expansion in November

Beijing(The Uttam Hindu): China's manufacturing sector registered faster expansion in November on government policy support, official data showed on Saturday.

The purchasing managers' index for China's manufacturing sector came in at 50.3 in November, up from 50.1 in October, the National Bureau of Statistics (NBS) said in a statement, Xinhua news agency reported.

A reading above 50 indicates expansion, while a reading below 50 reflects contraction.

China's manufacturing sector saw faster expansion in November as a series of incremental policies and existing policies gradually took effect, said NBS statistician Zhao Qinghe.

Meanwhile, the country’s purchasing managers' index (PMI) for China's non-manufacturing sector came in at 50 in November, down from 50.2 in October, according to data from NBS.

The service sector sub-index stood at 50.1 in November, unchanged from that in October, while that of construction fell to 49.7 from 50.4 as outdoor construction gradually entered the off-season affected by the cold weather, the NBS said.

A breakdown of the data showed that internet software and information technology services, capital market services, and the insurance sector recorded an expansion in November, while those related to retail, accommodation, and catering sectors logged a contraction.

Earlier this month, China removed all market access restrictions for foreign investors in the manufacturing sector, a landmark move made by the world's second-largest economy as it opens its doors wider, Xinhua reported.

The new edition of the national negative list for foreign investment scrapped the two remaining manufacturing-related items on the previous list.

The items on the latest negative list, which specifies fields that are off-limits to foreign investors, have been further slashed to 29.

Another negative list applied in the country's free trade zones, which are pioneering pilots in opening up practices, achieved zero restrictions on foreign investment in manufacturing in 2021.