China’s fac­tory ex­pan­sion pace fastest in Oc­to­ber

The Star (Kenya) - - News Business -

REUTERS/ Ac­tiv­ity in China’s man­u­fac­tur­ing sec­tor ex­panded at the fastest pace in over two years in Oc­to­ber, thanks to a con­struc­tion boom. Smaller firms have grown more, sug­gest­ing the world’s sec­ond­largest econ­omy is sta­bil­is­ing and get­ting on a stead­ier foot­ing. Signs of a more broader-based re­cov­ery will be wel­comed by the gov­ern­ment amid grow­ing views that a hous­ing rally may have peaked. Much of China’s bet­ter-than-ex­pected growth this year has been highly re­liant on spend­ing by of­ten in­ef­fi­cient state firms as pri­vate in­vest­ment lan­guished. The of­fi­cial Pur­chas­ing Man­agers’ In­dex stood at 51.2 in Oc­to­ber, much stronger than Septem­ber and the high­est read­ing since July 2014. Econ­o­mists had ex­pected a far more mod­est of 50.4.

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