China's factory activity bounced back in January and expanded for the first time since September, data from the national bureau of statistics showed.
"This set of PMI data confirmed that earlier reopening and peak infections have set the stage for a broad-based economic recovery," Citi's chief China economist Xiangrong Yu and his team wrote in a note.
Citi added that the latest readings add upside risks to its forecast for China's gross domestic product for 2023 as it expects further supportive fiscal policies from the government in the first half of the year.
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