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China’s manufacturing activity contracts in October, underlining economic uncertainty
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A key gauge of China’s manufacturing activity reported a surprising contraction in October, indicating uncertainty over the economic recovery amid calls for more policy support.
The official manufacturing purchasing managers’ index (PMI) fell to 49.5 in October, down from 50.2 in September, the National Bureau of Statistics said on Tuesday.
Meanwhile, the non-manufacturing PMI stood at 50.6 in October, compared to 51.7 in September.
After better-than-expected third quarter economic growth of 4.9 per cent, year on year, as a result of supportive measures rolled out in the summer, China’s annual growth target of “around 5 per cent” is expected to be achieved.
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