Earlier on Saturday, the 30th of November 2019, Chinese National Bureau of Statistics had portrayed a fairly upbeat depiction of China’s factory activity, as factory activity in China was picked up in November for the first time in seven months, while China’s Purchasing Managers’ Index (PMI) data for factory activity had also emerged out of a recession in November that came as a surprise to many and would likely to boost Asia-Pacific markets in Monday (December 2nd) morning, suggested analysts.
Besides, followed by the reveal of China’s National Bureau of Statistics’ report, several analysts were quoted saying that a surprise uplift in domestic demand following a slew of fiscal injection by the People’s Bank of China (China’s Central Bank) to revive a slowing Chinese economy such as low-cost long-term debts to small- and intermediate-scale businesses, had steadied growth momentum on November.
On top of that, according to Saturday’s (November 30th) National Bureau of Statistics data, the Purchasing Managers’ Index (PMI) for factory activity rebound to 50.2 in November from an earlier reading of 49.3 in October, beating an analysts’ estimate of 49.5 and remarking its highest level since March this year.
Aside from that, addressing to a cautiously optimistic outlook on Chinese economy, a macro analyst at Lianxun Securities, Zhang Deli wrote in a client note late on Saturday (November 30th), “In the short term, we may have already passed the low point where the economy hit the bottom. ”