China factory sector grows slightly more than expected in January: official PMI

[BEIJING] Activity in China's manufacturing sector expanded slightly more than expected in January, but at roughly the same pace as in December, an official survey showed on Wednesday.

The official Purchasing Managers' Index (PMI) stood at 51.3 in January, compared with the previous month's 51.4, and above the 50-point mark that separates growth from contraction on a monthly basis.

Analysts polled by Reuters had predicted a reading of 51.2, pointing to a modest expansion as industrial firms continued to benefit from higher sales prices and a recovery in demand fueled by a construction boom.

REUTERS