China grows at its fastest pace in 18 months.
China's industrial sector growth remained at an 18-month high in November due to strong domestic and external demand, defying expectations that the economy would face a modest slowdown at the end of 2013.
BEIJING, Dec 1 (Reuters) - China's industrial sector growth remained at an 18-month high in November due to strong domestic and external demand, defying expectations that the economy would face a modest slowdown at the end of 2013.
The official Purchasing Managers' Index (PMI) remained at 51,4 in November, the National Statistics Agency reported, unchanged from October and above market expectations of a reading of 51,5.
Investors had expected the PMI, one of the first data points on China released each month, to show that the country's economy slowed in the fourth quarter due to slower credit growth, weak global demand, and lower inventory replenishment by companies.
"The growth momentum held up in November," said Louis Kuijs, an economist at RBS. "Export order data suggests that global demand—important for the outlook for China's industry—improved somewhat."
The sub-index for export orders rose to 50,6 in November from 50,4 in October, remaining above the 50 mark that separates growth from contraction.
For more information, see the article in English:
(Reporting by Koh Gui Qing)