China is making much growth in the economic sphere. In the Third World, China is expected to stand tall in the coming future. It will be a force to reckon with in world politics. Even the U.S. recognizes its potentiality.
Growth of Chinese manufacturing sector
The manufacturing sector expanded very rapidly at a fast rate within a span of 18 months according to survey. The economists also predict that the growth will be sustained. In October the manufacturing sector of China rose to about 55.2 %, up by about 0.9 per from the previous month. This was highlighted by China Federation of Logistics and Purchasing (CFLP).
The index was of course higher about 0.6 points higher than the number in September, when the PMI had increased by only 0.3 % points to 54.3 per cent. In fact, it was 8th month in row that the PMI reading that stayed above 50.
Above 50 reading implies expansion, whereas one below means contraction. The PMI includes an indices package that helps in measuring performance.
The survey which was conducted by the National Bureau of Statistics (NBS) also covers supply as well as purchasing managers in more than about 700 firms across China. PMI was launched by CFLP in 2005.
In October, the production index within PMI reached 59.3 percent, which is the highest level since last May.
The third largest economy, the Chinese economy in on a path of meeting Government target of 8.0 growth in this year of 2009. The National Bureau of Statistics has shown a growth of 8.9 %, which happens to be the fastest quarterly growth within a year.
The Gross Domestic Product of China grew by 7.7% in the initial 9 months of 2009 as compared to the same time last year according to data available.
China is indeed on its way to becoming a powerful nation, both strategically as well as economically. It is a nation which has stood on its own merit and is very proud of it.