China's economic recovery stabilizes as exports, markets boom: Bloomberg

A container is lifted by a gantry crane at Suifenhe Railway Port in Suifenhe, northeast China's Heilongjiang Province, Oct. 28, 2020. (Photo by Zhang Tao/Xinhua)

Thanks to the export orders, small and medium-sized companies in China have accelerated in production activity and an index has measured business confidence rising in November, said economists.

BEIJING, Nov. 27 (Xinhua) -- Underpinned by solid global demand for exports and a peak of stock market's gain since 2015, China's economic recovery stabilized in November, according to a Bloomberg report on Thursday.

"Authorities are turning their focus to longer-term growth objectives and discussing withdrawing the emergency stimulus" injected earlier this year, the report said, noting that China remains to be the only major economy likely to expand in 2020.

Workers are busy at the medical protective goggles assembly line at a company in Harbin, northeast China's Heilongjiang Province, April 21, 2020. (Xinhua/Wang Song)

Data compiled by Bloomberg showed that external demand growth has been a driving force of the economic rebound, in which health gear and technology products account for a significant part of exports.

Thanks to the export orders, small and medium-sized companies in China have accelerated in production activity and an index has measured business confidence rising in November, said economists Shen Lan and Ding Shuang as quoted by the report.

Bloomberg has modified some components for the Chinese economy outlook, adding home sales in certain cities, weekly car sales and inventories of steel reinforcing, while removing iron-ore prices and other indicators.