Goldman Sachs with the note:
Bottom line:
The NBS manufacturing PMI rose to 50.3 in December from 50.1 in November, likely due to restocking demand on the back of normalized raw material prices and policy easing. The output sub-index in the NBS manufacturing PMI survey fell in December, while the new orders sub-index increased. The NBS non-manufacturing PMI rose to 52.7 in December from 52.3 in November, entirely driven by the recovery of services sector.
Asia-MAP for official manufacturing PMI: +3 (3, +1)
