China’s factory activity expanded for the first time in six months in September, an official factory survey showed on Saturday, adding to a run of indicators suggesting the world’s second-largest economy has begun to stabilise.
The official purchasing managers’ index (PMI) rose to 50.2 in September from 49.7, according to the National Bureau of Statistics, edging above the 50-point level demarcating contraction from expansion. The reading beat a forecast of 50.0.
Policymakers have announced a series of piecemeal measures in recent months to shore up growth, including reducing the amount banks must hold in reserve, cutting mortgage rates and providing further support for private industry.
But analysts say more policy support is needed to ensure the economy reaches Beijing’s annual growth target of about 5%.
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