A private survey of China's manufacturing activity unexpectedly expanded in August, an encouraging sign for factories searching for an end to their slump.
The Caixin manufacturing purchasing managers index rose to 51 last month, the highest reading since February, and showing a return to expansion after a contraction in July. Economists surveyed by Bloomberg had expected a weakening of the index.
The data comes a day after the official manufacturing PMI showed the contraction in activity easing in August as new orders and production improved. The Caixin survey covers mainly smaller and export-oriented businesses in China compared with the official PMI.
Thursday's data had already offered tentative evidence that targeted policies to help the economy were having some effect. Officials have rolled out plans to increase consumer goods manufacturing and car sales in a bid to support industries as they contend with a slump in global demand and subdued domestic spending.
Other figures on Friday showed manufacturing activity elsewhere in Asia slump among the region's major export powerhouses.
Source : Bloomberg
