In a super speedy recovery from the coronavirus pandemic, China's factory activity expanded at the fastest pace in more than three years, this November. Not only industry growth in the services sector also peaked in China.
Updated data revealed that the world's second largest economy is quickly on the path to become the first completely putting behind the loss from the widespread industry shutdowns.
Data from the National Bureau of Statistics showed that China's official manufacturing PMI (Purchasing Manager's Index) rose to 52.1 in November from 51.4 in October. Surprising, it is the country's highest PMI reading since September, 2017.
Even though the virus originated in China, it's economy is much stronger than other major economies struggling to get back on track.
China's blue chip stock market index also hit a 5-½ year high according to data. Strong e-commerce promotions also proved to be a major helping hand in unleashing consumer demand and boosting confidence for small and medium firms.
Railway and air transportation, telecommunication and satellite transmission services and the financial industry were among the best performing sectors in the country in November.