China's manufacturing activity expanded at its fastest in 13 months in June, buoyed by a strong rebound in output, as the lifting of COVID lockdowns sent factories racing to meet recovering demand, a private sector poll showed on Friday.
The Caixin/Markit manufacturing purchasing managers' index rose to 51.7 in June, also indicating the first expansion in four months, from 48.1 in the previous month. That was well above analysts' expectations for an up-tick to 50.1.Register now for FREE unlimited access to Reuters.comThe recovery suggested in the Caixin survey, which focused on more export-oriented and small firms in coastal regions, was more convincing compared with findings in an official survey.
Delivery times for suppliers stabilised in June amid easing supply chain snags, after worsening for the past two years. "Restoration in the post-pandemic era remained the focus of the current economy, yet its base was far from strong," said Wang Zhe, senior economist at Caixin Insight Group. China's economy has started to chart a recovery path out of the supply shocks caused by strict lockdowns, but headwinds persist, including record high jobless rate in big cities, a still subdued property market, soft consumer spending and fear of any recurring waves of infections.
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