China's Manufacturing Recovery Masks Strains On Smaller Factories, Export Uncertainty

Chinese industrial activity has snapped back to pre-coronavirus growth levels, with factory surveys hitting multi-year highs in November, but the headline expansion masks struggles for smaller firms and looming pressures for exporters, Reuters reported. Readings from the official and Caixin’s Purchasing Managers Indexes hit three- and 10-year highs respectively last month, a reflection of the industrial sector’s strong overall recovery. Official data also shows industrial profits for large firms grew at their fastest pace since 2017 in October. Equipment, electronics and auto manufacturing have performed particularly well, helped by state subsidies targeting consumption of cars and white goods. Read more