Manufacturing expands at slower pace
China’s manufacturing sector expanded at a slower pace in September, official data showed.
The country’s manufacturing purchasing managers’ index was 50.8 in September, narrowing from 51.3 in August, according to the National Bureau of Statistics (NBS). A reading above 50 indicates expansion, while a reading below 50 reflects contraction.
The decline was partially driven by the unfavorable working day effect as the Mid-autumn Festival shifted to September this year from October last year, but it also indicated strong headwinds on the manufacturing sector, said a report from China International Capital Corporation (CICC).
The data also showed that China’s non-manufacturing sector expanded at a faster pace, with the PMI for the sector standing at 54.9 in September, up from 54.2 in August.
The service sector, which accounts for more than half of the country’s GDP, maintained stable growth, with the sub-index measuring business activity in the industry standing at 53.4 in September, flat with August.