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China factory output expands for first time in six months: data
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Beijing, Oct 31 (AFP) Oct 31, 2024
China's manufacturing output expanded this month for the first time since April, official data showed Thursday, rare good news for leaders struggling to boost activity in the world's second-largest activity.

The country is battling sluggish domestic consumption, a persistent crisis in the property sector and soaring government debt -- all of which threaten Beijing's official growth target for this year.

In October, China's Purchasing Managers' Index (PMI) -- a key measure of industrial output -- was 50.1, the National Bureau of Statistics (NBS) announced, up from 49.8 in September.

A figure above 50 indicates an expansion in manufacturing activity, while a reading below that indicates a contraction.

The key indicator had slid for six months, with the last positive PMI recorded in April, when it stood at 50.4.

The October data also outperformed a forecast of 49.9 by analysts surveyed by Bloomberg.

The NBS said Thursday's data release showed the "business climate of the manufacturing industry has rebounded".

Beijing has in recent weeks unveiled a slew of measures to funnel cash into the economy, including several key rate cuts and looser restrictions on home-buying.

But many investors say they are still waiting to see official confirmation of a major fiscal stimulus plan, expected to come at a meeting of top officials next week.

The standing committee of the National People's Congress -- China's rubber-stamp parliament -- will gather in Beijing from November 4 to 8 for deliberations that state media say will involve economic planning.

Beijing is targeting annual growth this year of around five percent -- a goal that officials have recently insisted is within reach.

The International Monetary Fund revised its forecast for China's growth this year down slightly to 4.8 percent in a report published last week.


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