The official NBS Manufacturing PMI for China rose to 52.1 in November 2020 from 51.4 a month earlier and beating market expectations of 51.5. This was the ninth straight month of growth in factory activity and the strongest since September 2017, as the economy continued to recover after government lifted strict COVID-19 lockdowns and ramped up investment. Output (54.7 vs 53.9 in October), new orders (53.9 vs 52.8), and export sales (51.5 vs 51.0) all expanded at faster paces. At the same time, employment fell less than a month earlier (49.5 vs 49.3), while suppliers’ delivery time shortened (50.1 vs 50.6). On the price front, input costs jumped (62.6 vs 58.8), with output charges rising sharply (56.5 vs 53.2). Looking ahead, business sentiment strengthened (60.1 vs 59.3).