China's factory activity surprisingly returned to expansion in August, a private-sector survey showed on Friday, with supply, domestic demand and employment improving, suggesting official efforts to revive growth might be having some effect.
The Caixin/S&P Global manufacturing purchasing managers' index rose to 51.0 in August from 49.2 in July, beating analysts' forecasts of 49.3 and marking the highest reading since February. The 50-point index mark separates growth from contraction.
Analysts say it is too early to tell if the world's No.2 economy has recovered meaningfully as a worsening property downturn and weakness in household consumption prompt expectations of more stimulus. The upturn in sales contrasts with deepening declines in new export orders, suggesting stronger domestic demand was the main source of growth.
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