According to data from the National Bureau of Statistics, inNovember 2020, China's Manufacturing Purchasing Managers Index (PMI) was 52.1 percent, up by 0.7 percentage point from last month, which was above the threshold for 9 consecutive months, indicating that the recovery growth of the manufacturing industry has accelerated. In terms of enterprise scale, the PMI of large, medium and small enterprises were 53.0, 52.0 and 50.1 percent respectively, 0.4, 1.4 and 0.7 percentage point higher than the previous month, all above the threshold. According to the classification index, the five sub-indices composing PMI, the production index, new orders index, and supplier distribution time index were all above the threshold, while main raw materials inventory index and employment index stayed below the threshold. Among them, Production index was 54.7 percent, up by 0.8 percentage point from last month, indicating that the manufacturing production has accelerated. New orders index was 53.9 percent, up by 1.1 percentage points from last month, indicating that the demand of the manufacturing industry has accelerated its recovery. The inventory index of raw materials was 48.6 percent, up 0.6 percentage point from the previous month, indicating that the decline in inventory of major raw materials in the manufacturing industry narrowed. The employment index was 49.5 percent, up 0.2 percent from the previous month, indicating a slight improvement in the employment situation of manufacturing enterprises. The supplier delivery time index was 50.1 percent, which was 0.5 percentage point lower than the previous month, but it was still higher than the threshold, indicating that the delivery time of raw material suppliers in manufacturing industry was slightly faster than that of last month.From the perspective of manufacturing PMI data, China's manufacturing activities are still recovering at an accelerated pace, but in the index composition, the employment index is below the threshold, which is a noteworthy flaw.In addition, in November, the non-manufacturing business activity index was 56.4%, an increase of 0.2% percentage points from the previous month, which was the highest point for the year, indicating that the non-manufacturing sector continued to recover steadily.