Financial News: China Private Sector Expands In December

China Private Sector Expands In December

12/31/2024 - 00:16:00 (RTTNews)

(RTTNews) - China's private sector expanded at the end of the year as fiscal stimulus and loose monetary policy provided a near-term support to growth, official survey results revealed on Tuesday.

The manufacturing Purchasing Managers' Index dropped to 50.1 in December from 50.3 in the previous month, data published by the National Bureau of Statistics showed.

The score was expected to remain unchanged at 50.3. However, the index has remained above the 50.0 threshold for the third consecutive month suggesting expansion in the sector.

Meanwhile, the non-manufacturing PMI advanced more-than-expected to 52.2 from 50.0 a month ago. The score was forecast to rise moderately to 50.2.

As a result, the official composite PMI posted 52.2, up from 50.8 in November.

Capital Economics' economist Gabriel Ng said the economy gained momentum in December driven by faster growth in the services and construction sectors.

The economist said the increased fiscal support should continue to raise economic growth given that deficit spending is likely to be front-loaded at the start of 2025. But the boost probably would not last more than a few quarters, with Trump likely to follow through on his tariff threat before long and persistent structural imbalances still weighing on the economy, the economist added.

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