Official data: China’s manufacturing activities unexpectedly revived in January

China’s manufacturing activities surprisingly rebounded in January despite the weeklong Lunar New Year holiday, which officials attributed to the lifting of COVID-19 restrictions. Data from the National Bureau of Statistics showed purchasing managers' index (PMI) rosed to 50.1 in January from 47.0 points in December.

Meanwhile, the non-manufacturing index, which consists of the service and construction activities, surged more visibly to 54.4 points in January, from 41.6 points in the previous month.

A recovery in travel and festive spending supported the economic recovery progress. 

However, economists remained concerned as the sub-index for new export orders stood at just 46.1, indicating the dwindling external demand.