Robots manufacture car parts at a factory in Ningde, China, on October 17, 2024.
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BEIJING – China’s official Purchasing Managers’ Index stood at 50.1 in October, entering economic expansion territory for the first time since April, according to data released by the National Bureau of Statistics on Thursday.
According to a Reuters poll, the forecast was 49.9. The reading in September was 49.8. The last time the PMI exceeded the 50-point line that determines a decline in activity was in April at 50.4.
A survey of 1,436 Chinese companies from Oct. 18 to 25, released Wednesday by U.S.-based China Beige Book, found that manufacturing output improved from a year ago. New domestic and export orders also increased, slowing the decline in export orders from the United States in October.
Caixin China General Manufacturing PMI for October will be released on Friday, and Caixin China General Services PMI will be released on November 5th.
China’s economic growth is slowing, dragged down by weak consumer demand and a real estate recession. Exports are a rare bright spot.
Stocks rose following a series of high-profile stimulus announcements in the past few weeks, including a meeting in late September led by Chinese President Xi Jinping that called for more fiscal and monetary policy support.
China’s Parliamentary Standing Committee is scheduled to meet next week and is widely expected to announce details of the fiscal stimulus package after its meeting on November 8.
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