China's economy showed strong performance in June with manufacturing seeing "the clearest improvement," the U.S. independent private economic survey China Beige Book (CBB) said on Monday.
The survey, covering more than 1,320 businesses from June 1 to 22, said China's accelerated factory activity in June had been driven by sharp year-on-year gains in exports to the United States.
The CBB also said China's retail sales "recovered nicely" during the month.
"The second quarter is ending on a more positive note than it began," it said.
It also urged caution, saying that this impressive performance can only be cause for celebration if the gains extend into August.
The survey came one day before official data showed that the purchasing managers' index (PMI) for China's manufacturing sector rose to 50.3, bouncing back above the 50.0 expansion-contraction threshold and marking expansion for the fourth consecutive month. The growth was primarily driven by strong high-tech manufacturing and equipment manufacturing.
Founded in 2010, the China Beige Book is the world's largest private macroeconomic survey of China's economy and financial system. It gathers ground-level, real-time data from thousands of Chinese businesses to provide an alternative or supplementary view of the country's economy.
Strong manufacturing drives China's economic growth in June: China Beige Book
