The growth of China’s large industry in December was slightly less than a month earlier. Also in the services sector of the second world economy, growth this month was somewhat less strong.
According to the Chinese government, the industry purchasing manager index, which measures activity, reached a level of 51,9 against 52,1 in November. A level of 50 or more indicates growth, below it indicates contraction. The yardstick for the Chinese service sector, such as catering, retail and tourism, recorded a level of 55.7 as against 56.4 a month earlier.
The Chinese industry has been benefiting from increased exports for a long time, including items for the festive season and medical equipment against the coronavirus. China has now recovered quite well from the crisis and is the only major economy in the world on the path to growth this year. Economists believe that the Chinese economy will increase by around 2% this year.