Manufacturing Activity Hits 16-Month High
China's official gauge of manufacturing activity climbed to a 16-month high in August, suggesting the world's second largest economy is on the mend. The purchasing managers' index rose to 51 in August from 50.3 in July, according to the China Federation of Logistics and Purchasing. The same gauge compiled by HSBC echoed with the official's upward trend, reading 50.1, which was the first time it rose above the 50 critical point. A reading above 50 indicates expansion compared with the previous month, while one below 50 indicates contraction. HSBC's China manufacturing purchasing managers' index was 47.7 in July, its lowest level in 11 months.
Software Revenue Up 24% Through July
Revenue from China's software industry jumped 23.8% year on year to 1.66 trillion yuan in the first 7 months of 2013, with gross profit rising 25.1% year on year to 179.8 billion yuan, the Ministry of Industry and Information Technology said. Software revenue from the top 15 cities added up to 927 billion yuan, up 26.3% year on year. Software exports rose 19.2% year on year to $22.1 billion in between January and July.
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