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BEIJING–China's January Purchasing Managers' Index (PMI) rose to a higher-than-expectedlevel of 50.5 from 50.3 in December, indicating an expansion in the manufacturing sectordespite the weak demand from European countries struggling with the debt crisis.
This figure, which was unexpectedly higher than economists' predictions of about 48, was supported by the increase of new orders and domestic consumption. The National Bureau ofStatistics (NBS) and the China Federation of Logistics & Purchasing (CFLP) jointly released theindex on Wednesday.
PMI is the main gauge to show activity conditions of the manufacturing sector. A reading above50 means expansion, while a figure below 50 indicates contraction.
However, HSBC Holdings Plc released its January PMI final reading of 48.8 on Wednesday,compared with the 48.7 in December, which showed a contraction for three consecutivemonths.
Source: China Daily
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