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| Manufacturing Expands, Driven by Domestic Sales |
| Source£º globecotnews Date:
2008-05-06 |
The monthly Purchasing Managers' Index, which was established just over two years ago under the China Federation of Logistics and Purchasing, surged to a new record high of 59.2 in April. The Federation Index of New Orders reached 65, the highest level since April 1, 2007; however, the Federation Index of Export Orders declined to 58.9 from 59.1 in March. This was quite revealing, as it confirmed the driver of the robust manufacturing activity was indeed the domestic economy. Total Chinese retail sales in the first quarter of 2008 grew 20.6 percent.
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