China's Factory Activity Slows as Export Orders Decline
China's manufacturing activity moved into contraction in October, with weaker export orders and domestic demand adding pressure to the country's industrial sector.
BEIJING: China's manufacturing sector showed signs of weakening in October as factory activity and new export orders declined, according to the latest official economic data.
The country's manufacturing Purchasing Managers' Index (PMI) fell to 49.3 in October, down from 50.1 in September. A reading below 50 indicates contraction in manufacturing activity.
New export orders also weakened, with the relevant index dropping to 48.7. The production index fell to 49.8, reflecting a slowdown in factory output.
The figures come as Chinese manufacturers face pressure from weaker domestic demand and uncertainty in international trade. A prolonged downturn in the property sector has also affected economic confidence and spending.
Chinese companies have increasingly looked towards overseas markets to maintain sales. However, their expanding exports have raised concerns among some trading partners about competition and trade imbalances.
The latest figures highlight the challenges facing China's manufacturing industry as policymakers seek to support domestic consumption and maintain economic growth.