Economy

China October Manufacturing PMI Comes In At 51.6, Below Expectations

China October Manufacturing PMI Comes In At 51.6, Below Expectations”

Chinese manufacturing expansion slowed in October after two consecutive months of acceleration, official data showed Tuesday, as weak demand weighed on the world's second-largest economy.

Growth in China's booming steel industry fell to a six-month low in October as a government crackdown on winter air pollution sent prices of some raw materials tumbling and new order growth slowed, according to a sector survey released on Tuedsay.

The manufacturing purchasing managers' index (PMI), a gauge of factory conditions, stood at 51.6 in October, the National Bureau of Statistics (NBS) said, compared to 52.4 in September, which marked a five-year high.

The Federation of Logistics & Purchasing's report found that production grew at a slower pace than the month before.

China's non-manufacturing sector saw milder expansion in October, with the PMI at 54.3, down from 55.4 in September.

Growth has been unexpectedly strong this year, but economists forecast activity will weaken as Beijing tightens up on bank lending to clamp down on rising debt that analyst say is the biggest threat to the country's economic stability.

"Relevant enterprises adjusted their output schedule to cut or suspend production as some areas strengthened efforts to reduce pollution", Zhao said in a statement on the NBS website.



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