Beijing unexpectedly emerges from the contraction. According to HSBC data, Chinese manufacturing rose to 50,1 points in August, after reaching 47,7 in July, the lowest level in the last 11 months. A result that goes beyond the expectations of analysts, who expected a slight improvement to 48 points.
All thanks, according to Bloomberg, to domestic demand, which seems to be reacting well to the measures taken by Li Keqiang's government, in particular the tax relief for small and medium-sized enterprises and investments in the national railway network.
The figures from the HSBC purchasing managers' index are very close to the official ones provided by the government, which in July placed the sector at 50,3 from 51,1 the previous month. The 50-point threshold is fundamental: being below means being in contraction, being above corresponds to an expansion phase. In detail, all sub-indexes improved, even if that of new orders from abroad fell short of expectations and that of employment grew at a slower pace than last month.
