BEIJING Oct 24 Activity in China's giant
manufacturing sector picked up in October, a preliminary survey
showed on Thursday, buoyed by strong new orders and suggesting
the economy may have stabilised even though a strong rebound
The flash Markit/HSBC Purchasing Managers Index (PMI) stood
at 50.9 in October, above September's final reading of 50.2 and
marking a seven-month high.
New orders rose to 51.6, the highest in seven months and
well above the 50 line separating expansion from contraction.
The flash PMI figure, the earliest reading of China's
monthly economic performance, offers some positive news after
recent disappointing export figures and the previous month's
manufacturing PMI, which had shown weak domestic demand.
China's economy grew at its quickest pace this year between
July and September, but many economists see
growth slowing ahead as global demand remains soft and as
Beijing moves to restructure the economy towards one driven more
by consumer demand than investment and credit.
The government has repeatedly stated it will accept slower
growth during the restructuring, but policymakers have also
shown a willingness to step in to keep growth stable.
The flash PMI showed new export orders ticked up only
marginally, suggesting a stabilising in global demand but no
Actual exports had registered a surprise 0.3 percent year-
on-year drop in September, as fears of a tapering in U.S.
monetary stimulus weighed on demand from Southeast Asian