Robots produce auto parts at a factory in Ningde, China, on October 17, 2024.
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BEIJING – China’s official purchasing managers’ index was 50.1 in October, according to data, in expansion territory for the first time since April. The National Bureau of Statistics released data on Thursday.
According to a Reuters poll, the reading was expected to be 49.9. September’s reading was 49.8. The last time the PMI was above the 50-point line that determines the contraction of economic activity was in April, when it read 50.4.
A survey released by the US “China Beige Book” on Wednesday showed that 1,436 Chinese companies were surveyed between October 18 and 25, and manufacturing output improved compared with the same period last year. New domestic and export orders also picked up, with export orders from the United States falling less sharply in October.
Caixin China’s general manufacturing PMI for October will be released on Friday, and Caixin China’s general services PMI is scheduled to be released on November 5.
China’s economic growth has slowed down due to weak consumer demand and sluggish real estate. Exports have become a rare bright spot.
Stocks have risen after a series of high-profile stimulus releases over the past few weeks, including a meeting hosted by Chinese President Xi Jinping in late September where he called for stronger fiscal and monetary policy support.
China’s National People’s Congress Standing Committee is scheduled to meet next week, and the market is widely expected to announce details of fiscal stimulus after the meeting on November 8.
This is a breaking news story. Please check back for updates.
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