Chinese growth gives hope for global recovery
The growth prospects for the global economy were given a fillip over the New Year after China's manufacturing sector posted a third consecutive month of expansion.
The official purchasing managers' index (PMI) of the world's most populous country was 50.6 in December, which matched November's seven-month high and reflects increased spending on infrastructure projects and growth in sectors such as car manufacturing and electronics.
A PMI figure above 50 indicates expansion for the massive factory base in China and will be welcomed by governments in the US, the UK, the eurozone and Japan, which are either mired in recession or finding sustained growth elusive. China's economy – the world's second-biggest – is forecast to have grown by 7.8 per cent in the fourth quarter.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies