China's economic activity picked up again in January after months of contraction due to strict Covid-19 restrictions.
Looking at data released by the National Bureau of Statistics (NBS) on Tuesday morning, the PMI index that measures manufacturing activity rebounded to 50.1 from 47.0 in December.
For information, the number 50 separates the difference between expansion and contraction of an activity. If the reading above 50 indicates expansion, while below 50 the opposite.
Meanwhile, service activity was reported to have jumped to 54.4 this month, a significant increase from the previous record of 41.6.
Both indices have previously shown a contraction in activity since September 2022.
The data is one of the first NBS indications of how the economy has managed to pick up since China's zero-Covid policy ended and during the week-long Chinese New Year celebrations that ended on Friday.
China's cabinet has pledged on Saturday to encourage a recovery in consumption as the main driver of the economy and boost imports.
Following the publication of the data, the yuan traded slightly higher against the US dollar.
